Apr 30, 2024 - Business
U.S. consumer confidence drops to its lowest level in nearly two years
- Emily Peck, author ofAxios Markets
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.
- Gas cost $3.49 a gallon on average in the U.S. this week, up from $3 at the beginning of the year, per the U.S. Energy Information Administration.
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.