New data out today shows consumer confidence, as measured by the Conference Board, deteriorated by 5.4 points over the past month, despite consensus expectations of a 1.1 point increase. The largest decline in confidence was among Republicans. The Board reported that tariffs, inflation, and high prices were top concerns cited by consumers in June.
Today’s data follows recent polling from Fox News showing 84% of voters are extremely or very concerned about inflation and nearly 70% score conditions as only fair or poor. 64% of voters disapprove of Trump’s handling of inflation.
Groundwork Collaborative’s Chief of Policy and Advocacy Alex Jacquez released the following statement:
“The uncertainty caused by President Trump’s economic policies is wreaking havoc on our economy, on American businesses, and on household budgets. With no idea what costs are going to be in the next week, month, or year, it’s impossible for businesses to plan. It’s also hard for consumers to make big ticket purchases like cars or homes. Consumers of all political stripes are feeling the pain of Trump’s chaotic economy.
“Unfortunately, there’s no relief in sight for consumers, and Republicans in Congress are only set to make life more expensive for working families with their budget bill.”