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Time of India
29-04-2025
- Business
- Time of India
US consumer confidence sinks to 5-year low driven by tariffs, recession fears
AI-generated image (Credit: Bing image creator) American consumer confidence in the economy has dropped to its lowest level since the onset of the Covid-19 pandemic. The Conference Board reported a sharp 7.9-point decline in April, bringing the index down to 86, marking the lowest reading since May 2020. The decline is being largely attributed to growing concern over tariffs imposed by President Donald Trump 's administration, which have included a 10 per cent levy on most imports and a steep 145 per cent tariff on Chinese goods, along with duties on steel, aluminium and automobiles. Nearly one-third of consumers now expect a slowdown in employment—levels not seen since April 2009 during the Great Recession. An Associated Press-NORC Center survey also found that around half of Americans are worried about a potential recession. "Rattled consumers spend less than confident consumers," said Carl Weinberg, chief economist at High Frequency Economics. "If confidence sags and consumers retrench, growth will go down." The index measuring short-term expectations for income, business conditions and employment dropped 12.5 points to 54.4—its lowest in over 13 years and far below the threshold of 80, which often signals a looming recession. The largest drops in confidence were seen among Americans aged 35 to 55 and those earning more than $125,000 annually. Also read: US job openings drop to 7.2 million in March amid tariff-driven uncertainty Market volatility has contributed to the downturn in sentiment, with the S&P 500 down 6 per cent for the year, the Dow Jones falling 5 per cent, and the Nasdaq declining by 10 per cent in 2025 despite recent recoveries. Spending intentions have weakened across the board. Fewer Americans are planning to purchase homes or cars, amid high mortgage rates and property prices. Overseas vacation planning has dropped from 24.1 per cent in December to 16.4 per cent in April. Restaurant spending plans also saw a historic decline. The US government is set to release its report on first-quarter economic growth on Wednesday, with economists projecting a notable slowdown following a robust holiday spending season. Meanwhile, Friday's Labor Department report is expected to reflect continued job growth , although some analysts anticipate a marked dip in hiring. Consumer expectations of a downturn within the next 12 months have reached a two-year high. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
South China Morning Post
29-04-2025
- Business
- South China Morning Post
US consumer confidence hits 5-year low amid Trump tariff concerns
Americans' confidence in the economy slumped for the fifth straight month to the lowest level since the onset of the Covid-19 pandemic, as anxiety over the impact of tariffs takes a heavy toll on consumer expectations for future growth. Advertisement The Conference Board said on Tuesday that its consumer confidence index fell 7.9 points in April to 86, its lowest reading since May 2020. Nearly one-third of consumers expect hiring to slow in the coming months, nearly matching the level reached in April 2009, when the economy was mired in the Great Recession. The figures reflect a rapidly souring mood among Americans, most 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 potential for a recession, according to a survey by Associated Press-NORC Center. 'The three expectation components – business conditions, employment prospects, and future income – all deteriorated sharply, reflecting pervasive pessimism about the future,' Conference Board senior economist Stephanie Guichard said in a statement. Trump's tariff plans have unnerved investors, sending market volatility soaring and consumer confidence plunging. Advertisement Confidence in the financial markets has also tanked, according to Guichard, with 48.5 per cent of consumers expecting stock prices to fall over the next 12 months – the highest share since October 2011.
Yahoo
24-04-2025
- Business
- Yahoo
Most Americans think tariffs will mean higher prices, poll says
The public's perception of President Donald Trump's economic policies continues to fall, with a new poll showing that most Americans think tariffs will mean higher prices. They also think a recession is likely. About 60% of U.S. adults think Trump's broad and ever-changing tariffs have gone too far, and three in four think his trade policies will increase the prices of U.S. consumer goods, according to an Associated Press-NORC Center poll conducted a few days ago. Just under half of survey respondents believe Trump's trade policies will increase the cost of U.S. consumer goods by 'a lot.' Only four in ten Americans approve of how the president has been handling the economy and trade negotiations — and his administration hasn't even passed the 100-day mark. Concerns about a potential recession remain pervasive. About half of Americans are 'extremely' or 'very' concerned about an impending recession. Meanwhile, 61% are concerned about the cost of groceries, and 51% worry about the cost of big-ticket items. These economic concerns echo findings from a Federal Reserve survey last week that said Americans' view of the economy is bleak — and getting worse. Sentiments around unemployment, job loss, and earnings growth all declined month over month, data from the central bank's March 2025 Survey of Customer Expectations showed. In recent weeks, Bridgewater Associates founder Ray Dalio has said he's worried about 'something worse than a recession,'and other CEOs have jumped on board with similar statements — 60% warned in a recent survey that tariffs will rattle the economy. According to the AP-NORC poll, 52% of U.S. adults are against imposing tariffs on all imported goods, up slightly from January, when a poll found that 46% were against tariffs. The AP found the shift seems to be primarily driven by adults under age 30, who previously didn't have an opinion on tariffs. The tariffs have caused the markets to fall — and then rise, and then fall again in a seemingly endless cycle related to uncertainty about the president's policies and their enforcement. Earnings guidances have been scrapped as companies look for further insight into how the U.S. economy will fare a quarter, or even a month, from now. Trump has seemed to suggest he'd consider walking back the 145% tariffs he implemented on China, and Treasury Secretary Scott Bessent said the situation with China isn't 'sustainable' in a closed-door speech. For the latest news, Facebook, Twitter and Instagram.
Yahoo
20-02-2025
- Yahoo
‘Flying is the safest way to travel': CLT passengers not worried after high-profile plane crashes
CHARLOTTE, N.C. (QUEEN CITY NEWS) — Wednesday's crash between two small planes in Arizona comes just days after another aircraft flipped while landing at a Toronto airport and three weeks after the deadly Washington, D.C., midair collision. Each incident has different circumstances — but what is the impact on passengers' air travel anxiety? Founder of Fearless Flying and former airline pilot Ron Nielsen believes the safest way to travel is still through the air. He helps people get through their anxiety about flying. Since the Jan. 29 Washington, D.C., crash that killed 67 people, he's been preparing for clients who may have a renewed fear of the skies. 'I tell them to try to imagine a day the day before the first crash, you got your attention,' Nielsen said. 'Maybe the one in Washington, D.C. Try to imagine that day getting on an airplane. Will you avoid any of the concerns other than even if you were anxious about flying, you'd have the standard ones.' According to the National Safety Transportation Board, there have been 13 fatal plane crashes reported in 2025; 81 were non-fatal. Between 2020 and 2024, officials reported just under 1,500 fatal crashes and less than 5,800 non-fatal crashes, peaking with 1,540 combined in 2022. Perry Harrold is a frequent flyer and says he doesn't have any worries when he buckles in. 'I know there are a great number of flights in the air every day,' Harrold said. 'So, this recent spate of crashes, it's just something that happens. But I don't think anything significant about that.' Have there been more plane crashes this year? Sixty-four percent of adults agree with Harrold that plane travel is safe or somewhat safe according to a recent survey by the Associated Press-NORC Center. But last year, that number was at 71 percent. The survey also showed that 2-in-10 people feel that it's somewhat not safe anymore after the Jan. 29 crash. The recent Toronto and Arizona incidents did have Shauib Mecham a little worried. 'I was thinking about those, especially as we were landing, I was like I don't know what's going to happen,' Mecham said. Nielsen advises his clients to journal with their non-dominant hand, breathe through a straw if feeling anxious, and use distant self-talk to calm down before and during the flight. Nielsen emphasizes that flying is still the safest way to travel. 'The worst thing they're going to do today is probably get in their car and drive somewhere,' Nielsen said. 'So try to keep that perspective.' Nielsen also encourages flyers to get the facts from aviation safety officials to keep their anxiety and stress levels down. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
