U.S. Consumer Confidence Hits 11-Year Low Amid Economic Woes

U.S. consumer confidence reached its lowest point in over eleven years due to a sluggish labor market and high prices, according to the Conference Board. This has sparked concerns about reduced consumer spending, while economists argue this might not impact Federal Reserve policies immediately. Increased anxiety affects households across demographics.

Consumer confidence in the U.S. has plummeted to its lowest since May 2014, plagued by fears over a struggling labor market and rising prices. The Conference Board's recent report highlights increasing anxiety among consumers, cutting across political lines and income levels.

This downturn in sentiment has led to concerns about potential declines in consumer spending, prompting discussions over President Trump's policies. Despite this, the Federal Reserve is unlikely to change its current interest rate policy.

Economists note a notable drop in perception regarding job availability, with a decrease in plans for purchasing big-ticket items. Meanwhile, the housing market sees rising prices despite attempts to improve affordability via recent policy measures.

(With inputs from agencies.)