According to BlockBeats, the U.S. consumer confidence index for April has dropped to its lowest point in nearly five years due to increasing concerns over tariffs affecting economic prospects. The Conference Board reported a decline of 7.9 points in the consumer confidence index, bringing it down to 86.0, marking the lowest level since May 2020. Stephanie Guichard, Senior Economist for Global Indicators at the Conference Board, noted that consumer confidence has decreased for the fifth consecutive month, reaching its lowest since the onset of the COVID-19 pandemic.
The upcoming U.S. GDP data, expected to be released tomorrow, is anticipated to show a significant slowdown in economic growth for the first quarter. This slowdown is attributed to businesses rushing to import goods to avoid rising costs associated with tariffs, leading to a surge in imports. Consumer spending is also likely to experience a substantial decline, influenced by persistent inflation and concerns over the economic impact of tariffs. These factors are prompting some households to reduce spending in order to preserve savings.