Growing fears of recession in US

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Consumer confidence in the United States fell to its lowest level in nine months this month, according to a US survey. Consumers mainly fear a recession in the near future.

According to market researcher Conference Board, US consumer confidence fell to 101.3 in April, the lowest level since July last year. That is lower than what market experts had counted on.

Consumer confidence in the United States fell to its lowest level in nine months this month. (Unsplash)

Americans over the age of 55 and households with an annual income of more than $ 50,000 are particularly gloomy. Consumers also foresee that market conditions for businesses will deteriorate in the coming six months. The supply of jobs is also expected to decrease.

Pessimism

Economists think pessimism is taking the pressure off the US central bank to raise interest rates further next week. This is the tenth interest rate increase in a row to bring inflation under control.


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