People are feeling much more worried about the economy, according to an early report from the University of Michigan’s survey for March.
🚨 Why This Matters
Big changes like new taxes on imports, government spending cuts, unpredictable decisions, and a shaky stock market are making people nervous. If lots of people start spending less because they’re worried, it could actually make the economy worse.
The drop in confidence is happening everywhere no matter how old people are, how much money they make, or what their political views are, according to survey director Joanne Hsu.
📊 What the Numbers Say
- Consumer confidence fell 11% this month to 57.9, the lowest it’s been since late 2022 when prices were rising super fast.
- People who support Democrats had the biggest confidence drop (24%), but Republicans also felt less hopeful (10%).
- Now, people expect prices to go up by 4.9% in the next year, compared to 4.3% last month.
🔮 What This Could Mean
More people are feeling uneasy about the future, and if they start spending less, it could cause even bigger problems for the economy.