US consumer confidence falls to 9-month low in April
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among over-55s and households with annual incomes over $50,000, according to survey data released Tuesday.
The pessimistic results may ease some of the pressure on the Federal Reserve as it prepares to consider raising interest rates for the tenth time in a row next week in order to control rising prices.
The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement. This was below the median forecast in a MarketWatch survey of economists.
Consumers' expectations "fell and remain below the level which often signals a recession looming in the short term," Ataman Ozyildirim, senior director of economics at The Conference Board, said in a statement.
"Compared to last month, fewer households expect business conditions to improve and more expect worsening of conditions in the next six months," he said.
"They also expect fewer jobs to be available over the short term," he added.
Tuesday's data release comes a week before the Fed meets to decide interest rates amid inflation which remains above its long-term target of two percent.
In recent weeks, a few members of the Fed's rate-setting committee have suggested that the US central bank should lift its benchmark lending rate next week.
The vast majority of futures traders expect the Fed will raise rates by a quarter point next week, according to data from CME Group.
Consumer inflation expectations over the next 12 months remain "essentially unchanged" at 6.2 percent, Ozyildirim said.
(Source: AFP)
US sanctions failed to crimp Iran’s oil supply: Chevron CEO
Trump threatens 100% tariff on BRICS nations if they undermine US dollar
Wall St falls as Russia-Ukraine tensions raise concerns
Iran manufacturing its own version of Boeing, Airbus engine parts: Official
Israel expands urbicide as tool of genocide in Gaza: Euro-Med
Iran’s semi-finished steel output down 4.3% y/y in Apr-Nov
VIDEO | Press TV's news headlines
Israeli snipers fire at patients, staff at northern Gaza hospital: Director
Gaza ceasefire deal within reach if Israel stops setting new conditions: Hamas
Israeli settler detained for suspected Iranian espionage plot
Yemen warns of more options for retaliation as aggression escalates
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
