Economic Worries Hit Americans Hard

People in the US are feeling less sure about the economy. This feeling has been getting worse for five months straight. Now, it is at its lowest point since the COVID-19 pandemic started. The Conference Board, which tracks how people feel about the economy, said its confidence index dropped by 7. 9 points in April. This is the lowest it has been since May 2020. Many people are worried about tariffs. These are taxes on imported goods. They think these tariffs will make prices go up. About half of Americans are also concerned about a possible recession. This is a period of economic decline. A survey by the AP-NORC Center showed this worry. Economists say that when people are worried, they spend less money. This can slow down economic growth. A measure of how people feel about their income, business conditions, and the job market also dropped. It fell by 12. 5 points to 54. 4. This is the lowest it has been in over 13 years. A reading below 80 often means a recession is coming. The government will soon report on the economy's performance in the first three months of the year. Economists expect it to show a slowdown. This is because people spent less after the holiday shopping season. The Labor Department will also release a report on hiring and the unemployment rate. Most economists expect steady job gains, but some think hiring might slow down. The stock market has been volatile. This means its prices have been going up and down a lot. This has likely affected how people feel about the economy. The decline in confidence was steepest among high-income households and people aged 35 to 55. Even though the market has rebounded somewhat, it is still down for the year. Tariffs are a big concern for many people. The Conference Board said that more people mentioned tariffs in their responses this month than ever before. The president has imposed high tariffs on many imports, including goods from China, steel, aluminum, and cars. More people are also worried about a recession. The proportion of consumers expecting a downturn in the next 12 months reached a two-year high. People are also less likely to make big purchases. Fewer consumers plan to buy a home or car in the next six months. Home sales slowed last month. This is because mortgage rates are high and prices are rising. Americans also plan to spend less on services. Fewer people plan to go on overseas vacations or eat out. This shows that economic worries are affecting many aspects of people's lives.