U.S. consumer confidence fell for the fourth straight month, the Associated Press reports, as Americans’ anxiety about their financial futures led the index to a 12-year low amid rising concern over tariffs and inflation.
The Conference Board reported Tuesday that its consumer confidence index fell 7.2 points in March to 92.9. Analysts were expecting a decline to a reading of 94.5, according to a survey by FactSet.
The Conference Board’s report Tuesday said that the measure of Americans’ short-term expectations for income, business and the job market fell 9.6 points to 65.2.
It is the lowest reading in over a decade and well below the threshold of 80, which the Conference Board says can signal a potential recession in the near future. However, the proportion of consumers anticipating a recession in the next year held steady at a nine-month high, the board reported.
The board’s survey showed that purchasing plans for both homes and cars declined. However, in somewhat of a surprise given respondents’ anxiety about the future, intentions to buy big-ticket items like appliances increased. The board said that could reflect a desire to buy before Trump’s tariffs kick in, leading to price increases.
