Americans are becoming increasingly uncertain about the economy, as well as the labor market and their finances, according to the Conference Board Consumer Confidence Index, despite a more optimistic look at the end of 2023 through the beginning of this year.
“The decline in consumer confidence in February interrupted a three-month rise, reflecting persistent uncertainty about the US economy,” said Dana Peterson, chief economist at The Conference Board, in a statement.
Although people’s worries over gas and food prices are decreasing, they seem to be holding off on large purchases such as homes and cars; however, that can be partly attributed to the expectation of potential cut in interest rates later in the year.
“The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000,” Peterson said. “Confidence deteriorated for consumers under the age of 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.”
