Americans are quickly losing faith in the future of the economy and their own finances, a chart of consumer confidence shows.
Expectations for the future of business conditions, employment, and family income over the next six months fell in June to their lowest point since 2013, according to an index reported by The Conference Board Tuesday. The index, part of a broader survey of consumer confidence that takes into account the current situation as well as future expectations, has been on a downward trend for more than a year, even though people say that right now things aren’t so bad.
Not only are consumers getting more nervous about inflation, currently running at its highest rate in more than four decades, they’re also worried about the Federal Reserve’s anti-inflation interest rate hikes, economists said. The rate hikes, which are meant to dampen consumer spending by increasing the cost of borrowing money, could cause more financial pain if they lead to a recession.
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