taya777 US consumer confidence dips again to start the year — business group

FILE – A shopper carries bags down Fifth Avenue on Friday, Nov. 25, 2022, in New York. (AP Photo/Julia Nikhinson, File)

WASHINGTON — U.S. consumer confidence dipped for the second consecutive month in January, a business research group said Tuesday.

The Conference Board reported that its consumer confidence index retreated this month to 104.1, from 109.5 in December. That is worse than the economist projections for a reading of 105.8.

Article continues after this advertisement

December’s reading was revised up by 4.8 points but still represented a decline from November.

FEATURED STORIES BUSINESS BIZ BUZZ: For Gokongwei airline, no Beijing flights for now BUSINESS Egg prices are soaring in US due to bird flu BUSINESS Maharlika's investment to NGCP expected to lower electricity costs

READ: US consumer confidence takes unexpected hit in December

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

Article continues after this advertisement

Consumers appeared increasingly confident heading into the end of 2024 and spending during the the holiday season was resolute. In the face of higher borrowing costs, retail sales rose 0.4% in December and stores generally reported healthy sales during the winter holiday shopping season.

Article continues after this advertisement

The board said that consumers’ view of current conditions tumbled 9.7 points to a reading of 134.3 in January and and views on current labor market conditions fell for the first time since September.

Article continues after this advertisement

The measure of Americans’ short-term expectations for income, business and the job market fell 2.6 points to 83.9. The Conference Board says a reading under 80 can signal a potential recession in the near future.

However, the proportion of consumers expecting a recession over the next 12 months remained stable at the low end of the series range.

Article continues after this advertisement

Though the board’s index has declined the past two months, consumers continue to spend, helping to prop up the U.S. economy since the sharp rebound from the COVID-19 recession in the spring of 2020.

Retail sales rose 0.4% in December from the previous month, according to a Commerce Department report earlier this month.

winbet slot

In December, the government said that the U.S. economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports. GDP growth has topped 2% in eight of the last nine quarters.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.

WASHINGTON, DC – OCTOBER 11: US President Joe Biden, accompanied by US Army Corps of Engineers Chief of Engineers and Commanding General William Grahamtaya777, Jr. (L), Homeland Security Secretary Alejandro Mayorkas (2nd-L), Energy Secretary Jennifer Granholm (R), takes a question from a reporter after giving an update on the government’s response to Hurricanes Milton and Helene in the Roosevelt Room of the White House on October 11, 2024, in Washington, DC. Biden also touched on the the wave of online misinformation that has muddled the public’s understanding after two strong storms have impacted the southeast of the country. Andrew Harnik/Getty Images/Agence France-Presse

READ NEXT Consumer spending and the stock market Egg prices are soaring in US due to bird flu EDITORS' PICK South Korean passenger plane catches fire, 176 people evacuated PDEA: Technology needed to curb illegal drug imports Tulfo airs side on son’s busway use: An honest mistake, apology given China’s first corgi police dog loses bonus for sleeping, peeing on job PVL: Kim Kianna Dy emotional as she returns to action after ‘hard year’ Trump ‘not 100% sure’ he’s barred from third term MOST READ Tulfo airs side on son’s busway use: An honest mistake, apology given South Korean passenger plane catches fire, 176 people evacuated Maslog camp to appeal Sandiganbayan guilty verdict Selena Gomez breaks down over Trump’s mass deportation orders, raids Follow @FMangosingINQ on Twitter --> View comments