The numbers: A survey of consumer confidence slipped in January to 107.1, reflecting growing worries about a potential recession as rising interest rates and high inflation degrade the U.S. economy.
The closely followed index fell almost 2 points from 109 in December, the nonprofit Conference Board said Tuesday.While the index had hit an 11-month high at the end of 2022, it’s well below the levels associated with a healthy economy. Consumer confidence tends to signal whether the economy is getting better or worse.
Fewer people plan to buy a new home with mortgage rates so high, but plans to buy new cars or appliances were unchanged.
It seems recession is on everyone's mind these days...
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