Consumers Pessimistic About The Future of the Global Economy, Jobs, Inflation, Recession, and Household Income
Based on consumers sentiment relative to current business conditions, expectations for the future of the economy fell sharply from our last survey in March, 2024.
66% of respondents said they believed the economy would fall into a recession in the 2nd or 3rd quarter of 2024. That’s up from 40% who expressed a similar sentiment in March, 2024.
Confidence declined among consumers of all age groups and almost all income groups, especially for those making between $50,000 and more.
Consumers under 35 expressed greater confidence that those over 35. In March, households with incomes below $50,000 and those with incomes above $150,000 reported the largest declines in confidence. Over the past 3 quarters, confidence among those with an income below $25,000 has remained static, however, confidence among those making over $25,000 has declined, and those who’s household incomes exceeding $250,000 declining at an even greater pace.
These results are more or less consistent with other Consumer Confidence Indexes such as that of The Conference Board as depicted in the chart below.
