WORLD US consumer confidence drops in January as possible recession looms


US consumer confidence drops in January as possible recession looms


07:05, February 01, 2023

WASHINGTON, Jan. 31 (Xinhua) -- US consumers rang in the first month of the new year a little less confidently, according to data released on Tuesday.

(File photo: Xinhua)

The Conference Board's consumer confidence index fell to 107.1 in January, a slight dip from 109 in the month prior.

"Consumer confidence declined in January, but it remains above the level seen last July, lowest in 2022," said Ataman Ozyildirim, senior director, economics at The Conference Board. "Consumer confidence fell the most for households earning less than 15,000 (US dollars) and for households aged under 35."

The organization's present situation index, a measure of consumers' assessment of labor and business trends, climbed to 150.9 from 147.4 last month.

However, the expectations index, a measure of consumers' short-run views on income, labor and business conditions, fell to 77.8 from last month's 83.4.

All this comes as economists predict a possible recession in this year's second half.

The data was released a day before the US Federal Reserve is expected to raise interest rates.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue