Consumer confidence in the US economy slumps as prices continue to rise – Xinhua English.news.cn

(CNN): Consumer confidence in the US economy is declining as prices continue to rise

NEW YORK, June 28, 2022 (Xinhua) US consumer confidence continues to deteriorate in the face of rising gas and food prices and increasing recession risks, CNN reported Tuesday, citing new data from the Conference Board. .

Consumer confidence index for June fell to 98.7 from May’s revised reading of 103.2, which was revised down by more than 3 points, according to the report.

The decline in the general level led to a sharp decline in consumers’ expectations for the next six months. The expectations index fell from 73.7 to 66.4 – the lowest level in nearly a decade, according to the report.

“The darker consumer expectations were driven by rising concerns about inflation, particularly higher gas and food prices,” Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement. /ts/

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