U.S. consumer confidence plunges to near five-year low in April as tariff concerns weigh on economic outlook

Planet Daily News: The U.S. Conference Board Consumer Confidence Index fell to a nearly 5-year low in April, as concerns about tariffs increasingly weigh on economic prospects. Data from the Conference Board shows that the consumer confidence index dropped 7.9 points in April to 86.0, the lowest level since May 2020. Stephanie Guichard, senior economist of global indicators at the World Large Enterprises Association, stated: "Consumer confidence has declined for the fifth consecutive month in April, falling to its lowest level since the outbreak of the COVID-19 pandemic." The U.S. GDP data expected to be released tomorrow is anticipated to show a significant slowdown in economic growth in the first quarter, as businesses rush to import goods to avoid cost increases from tariffs, leading to a surge in imports. Consumer spending is also likely to slow significantly, hampered by persistently high inflation and concerns about the economic impact of tariffs, which will prompt some households to cut spending to preserve savings. (Jin Shi)