U.S. consumer confidence plunges to near five-year low in April as tariff concerns weigh on economic outlook

Odaily Planet Daily News The Conference Board Consumer Confidence Index in the United States fell to a nearly five-year low in April as growing concerns about tariffs weighed on the economic outlook. The Conference Board data showed that the consumer confidence index fell 7.9 points to 86.0 in April, the lowest level since May 2020. Stephanie Guichard, senior economist for global indicators at the Conference Board, said: "Consumer confidence fell for the fifth consecutive month in April, falling to its lowest level since the outbreak of the COVID-19 pandemic." U.S. GDP data to be released tomorrow is expected to show a sharp slowdown in economic growth in the first quarter as companies competed to import goods to avoid higher costs from tariffs, leading to a surge in imports. Consumer spending is also likely to slow sharply, dragged down by high inflation and concerns about the impact of tariffs on the economy, which will prompt some households to cut consumption to preserve savings. (Jinshi)