US consumers still confident, but outlook not as rosy

Written by sidhanta

The Conference Board, a business research group, said Tuesday that its consumer confidence index — which takes into account consumers’ 

The board’s present situation index, which measures consumers’ assessment of current business and labor conditions, also rose this month to 153 from 143 in February.

However, the expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, declined to 76.6 from 80.8 in February.

Respondents cited higher prices — particularly gas prices — and the war in Ukraine as the biggest factors.

The proportion of people planning to purchase homes, automobiles, and major appliances over the next six months all fell as interest rates have risen, the Conference Board said.

The Federal Reserve raised its main borrowing rate by a quarter point earlier this month, the main mechanism for combatting inflation.

Two weeks ago, the government reported that inflation at the consumer level soared over the past year at its highest rate in four decades. 

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