US consumer confidence plunges to lowest in 5 years on tariff worries

WASHINGTON AP Americans confidence in the economic system slumped for the fifth straight month to the lowest level since the onset of the COIVD- pandemic as anxiety over the impact of tariffs takes a heavy toll on consumer expectations for future advancement The Conference Board declared Tuesday that its consumer confidence index fell points in April to its lowest reading since May Nearly one-third of consumers expect hiring to slow in the coming months nearly matching the level reached in April when the business sector was mired in the Great Recession The figures reflect a rapidly souring mood among Americans majority of of whom expect prices to rise because of the widespread tariffs imposed by President Donald Trump About half of Americans are also worried about the probable for a recession according to a survey by The Associated Press-NORC Center A measure of Americans short-term expectations for their income business conditions and the job territory plunged points to the lowest level in more than years The reading is well below which typically signals a recession ahead How this gloomy mood translates into spending hiring and progress will become clearer in the coming days and weeks On Wednesday the establishment will summary on U S economic increase during the first three months of the year and economists believe it will show a sharp slowdown as consumers pulled back on spending after a strong winter holiday shopping season And on Friday the Labor Department will release its latest document on hiring and the unemployment rate Overall economists expect it should still show steady job gains though specific forecast it could show sharply reduced hiring The sharp decline in consumer confidence also likely reflected the sharp swings in stock and bond prices that roiled financial markets While all age groups and majority of income brackets disclosed lower confidence the decline was steepest among households earning more than and among consumers to years old Though major U S markets rebounded over the past week the S P is still down for the year and the Dow Jones has lost The growth-heavy Nasdaq is down in Source