Consumer confidence in the economy continues to waver, despite easing inflation.
The Conference Board’s consumer confidence index — a closely watched metric gauging attitudes about the current and future strength of the economy — measured 107.1 in January, according to data released Tuesday by the business think tank. It was down from an upwardly revised 109 in December and below economists’ expectations.
Economists were expecting the index to land at 109, according to estimates on Refinitiv.
While consumers are starting 2023 feeling better about the current economic and labor market conditions, their confidence has waned about what’s to come in the next six months, said Ataman Ozyildirim, the Conference Board’s senior director of economics.
The expectations index slumped to 77.8 in January, from 83.4 the month before. A reading below 80 often signals a recession occurring within the next year, according to the conference board.
This story is developing and will be updated.