Consumer Sentiment Plummets, Recession Warnings Sound

Consumer sentiment plummets, raising recession concerns: Experts warn of a potential economic downturn as consumer confidence hits record lows, driven by inflation and job market worries. The University of Michigans survey and the Conference Boards report both show a significant drop in confidence, with many top economists predicting a recession. The labor markets strength is questioned, and the Federal Reserves monetary policies are scrutinized. Companies are laying off staff, and the holiday season approaches, exacerbating the situation. Sharp and sustained drops in consumer sentiment often precede economic slowdowns, creating a negative cycle of reduced spending and potential layoffs.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.