Confidence Commission says economy shows signs of looming recession
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In a new report released this morning, Consumer Confidence Index®, It rose from 103.4 in February to 104.2 in March. However, another index they track is Current status index (PSI), which is “based on consumer assessments of current business and labor market conditions,” is a different story. PSI dropped from 153 to 151.1, expectation index, It also includes a ‘consumer short-term income outlook’, which remained below 80 last year, making it a ‘recession within the next year.“
Nearly a third of consumers report that they expect to spend less on travel and dining out in the coming months. Given that summer is just around the corner, this indicates that households may feel the need to prepare for economic shocks. Fear and uncertainty in capital markets can trigger a recession. Because when consumers feel the need to keep their money, the wheels of the economy start to slow down.