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Despite the Biden administration’s attempts to convince Americans that the economy is improving, consumer confidence has been sliding for the last three months.
The decline brought the index lower than even the most pessimistic forecasts. The prior month’s reading was revised down from the preliminary score of 104.7. “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 M. Peterson, Chief Economist at The Conference Board.
“According to April’s write-in responses, elevated price levels, especially for food and gas, dominated consumer’s concerns, with politics and global conflicts as distant runners-up,” Peterson said.
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