Opinion: Americans' Economic Pessimism at Unprecedented Levels, Consumer Confidence Plunges to Crisis Point

BlockBeats News, May 1st, according to The Kobeissi Letter analysis, U.S. consumer economic expectations have dropped to a crisis level: the Consumer Confidence Index plummeted by 8 points, falling to 86 points in April, the weakest level since May 2020. This also marks the fifth consecutive month of decline, with confidence declining across all age groups and most income brackets. Of concern is that consumers' expectations for the next 6 months have dropped by 13 percentage points to 54 points, the lowest level since October 2011.

According to data from the Conference Board, a reading below 80 typically signals an impending economic recession. Americans are more pessimistic about the future of the economy than ever before.