Apr 30, 2024 - Business

U.S. consumer confidence drops to its lowest level in nearly two years

Data: The Conference Board; Note: 1985=100; Chart: Axios Visuals

Consumer confidence dropped for the third straight month in April — hitting its lowest level since July 2022, the Conference Board said Tuesday.

Why it matters: Higher prices for food and gas weighed on the American mood.

The big picture: Though inflation has cooled from the highs of two years ago, it's reaccelerated over the past few months.

By the numbers: The Conference Board survey found that people are feeling pretty good about where things stand at the moment.

  • A present situation index was at 143 in April, a relatively optimistic level though down from March.
  • But expectations for the next six months are at their lowest since July 2022.
  • People are feeling pessimistic about the job market, business conditions and they're less optimistic about their family's financial situation, the survey found.

Yes, but: The job market still looks strong. A separate report out Tuesday showed that workers are still seeing faster pay growth than in pre-pandemic times.

Go deeper: What's behind the unstoppable American consumer

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