U.S. consumer confidence inches up even as the Iran war sends energy prices soaring
U.S. consumer confidence rose slightly in April to 92.8 amid ongoing concerns about rising energy prices driven by the war in Iran, though sentiment remains near post-pandemic lows. Soaring gas prices, reaching $4.18 per gallon on average, have contributed to the largest monthly inflation jump in nearly four years, complicating the Federal Reserve's interest rate decisions. While expectations for future economic conditions improved modestly, current economic assessments declined and inflation pressures intensified. Consumers, especially lower- and middle-income households, face tighter budgets as high costs for essentials like gas, housing, and food persist.
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U.S. consumer confidence rose modestly in April despite growing anxiety over soaring energy prices brought on by the war in Iran.Recommended Video The Conference Board said Tuesday that its consumer confidence index inched up to 92.8 in April from 92.2 in March. Though the gauge measuring American consumers’ confidence has ticked up the past two months, the reading remains mired near its lowest level since the COVID-19 pandemic. Respondents’ comments about prices, oil, gas and the war increased in April as the national average for a gallon of gas in the U.S. rose to $4.18 this week, up more than a dollar since before the war began. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine.
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