WASHINGTON (AP) — U.S. consumer confidence declined sharply in January, hitting the lowest level since 2014 as Americans grow increasingly concerned about their financial prospects.
The Conference Board said Tuesday that its consumer confidence index cratered 9.7 points to 84.5 in January, falling below even the lowest readings during the COVID-19 pandemic.
A measure of Americans’ short-term expectations for their income, business conditions and the job market tumbled 9.5 points to 65.1, well below 80, the marker that can signal a recession ahead. It’s the 12th consecutive month that reading has come in under 80.
Consumers’ assessments of their current economic situation slid by 9.9 points to 113.7.
“Confidence collapsed in January, as consumer concerns about both the present situation and expectations for the future deepened,” said Dana Peterson, the Conference Board’s chief economist. ”All five components of the Index deteriorated, driving the overall Index to its lowest level since May 2014 — surpassing its COVID19 pandemic depths.”
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