Consumer confidence fell flat of expectations, dropping to its lowest level in nearly two years as consumers expressed growing pessimism about the economy.
Consumer confidence in April fell well short of expectations, dropping to its lowest level in nearly two years as people expressed some growing pessimism about thefell to 97 in April, down from a revised 103.1 the month before, the group announced on Tuesday. That is the lowest
“Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation and more concerned about future business conditions, job availability, and income,” said Dana Peterson, chief economist at the Conference Board.
“According to April’s write-in responses, elevated price levels, especially for food and gas, dominated consumers’ concerns, with politics and global conflicts as distant runners-up,” Peterson said. “Average 12-month inflation expectations remained stable at 5.3% despite concerns about food and energy prices.”in March, more than expected, and the producer price index rose 0.6 percentage points to 2.1%.
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