US data suggests the economy is showing signs of holding up for now, but Americans have become deeply pessimistic about future prospects. The Conference Board’s consumer confidence survey fell for the fifth consecutive month, with consumers’ expectations for the future hitting a 13-year low.
The Labor Department’s Job Openings and Labor Turnover data for March showed slightly higher hiring rates and lower layoffs compared to February. However, the number of job openings decreased by 288,000 in March, which could be an early warning sign of a pullback by employers.
According to Conference Board senior economist Stephanie Guichard, Americans’ expectations for business conditions, jobs, and future income have all fallen, reflecting “pervasive pessimism about the future”. The share of consumers expecting fewer jobs over the next six months is nearly as high as it was in April 2009 during the Great Recession. Expectations about future income prospects turned negative for the first time in five years.
Consumers now expect an inflation rate of 7% over the next 12 months, the highest since post-pandemic surges in 2022. The pessimism is widespread, with concerns spreading to individuals worried about their personal situations.
Source: https://www.axios.com/2025/04/29/consumer-confidence-jobs