Consumer confidence plunges to a 13-year low — is a recession next?
Consumer confidence declined for a fifth consecutive month in April, to levels not seen since May 2020. With Americans’ spending comprising 70% of economic growth, what could their growing concerns mean for the US this year?
Three specific expectation components – business conditions, employment prospects and future income – all dropped sharply, reflecting deep pessimism about the future. Crucially, the number of consumers expecting fewer jobs in the next six months was nearly as high as in April 2009, the middle of the “Great Recession.” Americans' concerns about the wider economy are bleeding into worries about their own personal situations.
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