The Conference Board reported that its consumer confidence index fell to 104.1 in January from 109.5 in December, signaling potential economic concerns. Although consumers remain confident about the future, their view of current economic conditions worsened due to higher borrowing costs.
FILE – A shopper carries bags down Fifth Avenue on Friday, Nov. 25, 2022, in New York. WASHINGTON — U.S. consumer confidence dipped for the second consecutive month in January, a business research group said Tuesday.
Consumers appeared increasingly confident heading into the end of 2024 and spending during the holiday season was resolute. In the face of higher borrowing costs, The board said that consumers’ view of current conditions tumbled 9.7 points to a reading of 134.3 in January and views on current labor market conditions fell for the first time since September.
However, the proportion of consumers expecting a recession over the next 12 months remained stable at the low end of the series range. All of that spending could be catching up to consumers. The Federal Reserve Bank of Philadelphia reported last week that credit card balances and delinquencies are on the rise and that active cardholders making the minimum payment is at a 12-year high.
CONSUMER CONFIDENCE ECONOMY RECESSION SPENDING FEDERAL RESERVE
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