The current index is showing that American consumer confidence in the economic situation is declining. According to the latest report from the University of Michigan, the consumer confidence index has dropped to 71.1 points, the lowest level since October last year.
Several factors influencing this index include:
- *Global economic conditions*: The war in Ukraine, inflation, and global economic instability affect consumer confidence.
- *Inflation*: Rising prices of goods and services impact consumers' purchasing power.
- *Labor market*: Low unemployment rates and steady job growth affect consumer confidence.
- *Monetary policy*: Interest rate increases by the Federal Reserve affect consumer confidence.
Experts predict that the consumer confidence index will continue to decline in the coming months, but will recover and increase in the coming years.
