SourceMondaybingonearmeWall Street news

The dual pressures of high inflation and borrowing costs, coupled with the uncertainty of the labor market, jointly hurt.MondaybingonearmeThe US consumer confidence index fell to its lowest level since mid-2022 in April.

Due to high inflation, high borrowing costs and a cooling labor market, American people are more pessimistic about the labor market and economic outlook, and the U.S. consumer confidence index fell in April. It fell to its lowest level since mid-2022.

On Tuesday, April 30th, according to the latest data from the US Conference Board (The Conference Board), the consumer sentiment index was revised downwards from March to 103.Mondaybingonearme.1 dropped to 97. The figure fell for the third month in a row and was lower than all economists in the Bloomberg survey had expected.

Consumers are also pessimistic about the future economic outlook. The expected index for the next six months fell to 66.Mondaybingonearme.4, the lowest level since July 2022. At the same time, the measure of the current economic situation fell to 142.9.

The labour market and income expectations have also deteriorated. Consumer surveys show that fewer consumers think that jobs are "plentiful", while an increase in the number of people who think jobs are "hard to get". The difference between the two, an indicator of labour market strength closely watched by economists, has fallen to its lowest level since November. This means that people's confidence in the labor market is declining, and it is more difficult to find a job than before.

Moreover, the proportion of respondents who expect more jobs in the next six months has fallen to its lowest level since 2011. At the same time, their income expectations have deteriorated.

Under the influence of uncertainty, consumer spending expectations are also affected. Nearly half of respondents plan to cut back on eating out in the next six months to save money, while others say they will reduce or eliminate spending on clothing and entertainment, according to a special survey. In addition, plans to buy cars, houses and appliances also show weakness, as does the willingness to take a holiday.

Dana Peterson, chief economist of the United States Conference Committee, said in a statement:

"consumers are becoming less optimistic about the current state of the labour market and are more worried about the future business environment, employment opportunities and income."

"while inflation expectations remain stable, the focus of consumer concern is the persistently high prices of food and gasoline."

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