Consumer confidence in the US is at a 2-year low

Consumer confidence in the US is at a 2-year low

Consumer confidence in the US fell to its lowest level since 2022 in April. Housing prices in the country continued to rise in February due to decreasing stocks and strong demand.

Conference Board Consumer Confidence in the US fell to 97 in April, the lowest level since July 2022. The expectation was 104. The previous month’s data was also revised from 104.7 to 103.1. Consumer confidence thus continued its decline for the third month.

The expectation index for the next 6 months also dropped to the lowest level since July 2022, at 66.4.

The data showed that high inflation, high borrowing rates and a gradually cooling employment market have dealt a blow to consumer confidence.

Acceleration in housing prices

S&P CoreLogic Case-Shiller national home prices rose 6.4 percent year-over-year in February. The annual increase was 6 percent in January. Prices increased by 1.2 percent on a monthly basis, compared to a 0.1 percent decrease in January.

Housing prices in 20 cities increased by 7.3 percent compared to the same period of the previous year. This was recorded as the largest increase since October 2022.

Prices increased the most in San Diego, with 11.4 percent. Los Angeles, Washington D.C. and in New York, prices also reached all-time highs.

Brian Luke from S&P Dow Jones Indices said, “After last year’s decline, housing prices in the United States are close to an all-time high. All cities have increased on an annual basis for 3 consecutive months.” made the statement.

Housing prices in 10 cities increased by 8 percent, the increase rate was 7.4 percent in the previous month.