Part 3/8:
Notably, current consumer confidence is even lower than during the peak of COVID-19. To contextualize the current situation, the last time consumer expectations were this grim, we would have to travel back to 2013—and even then, things were less dire compared to the level of pessimism we are facing today.
The Outlook for Job Markets and Future Conditions
The situation worsened even further with the March data revealing a significant decline in expectations regarding business conditions and the labor market. Only 17.1% of consumers surveyed expected the business landscape to improve, while 27.3% anticipated worsening conditions. The outlook for the jobs market is deteriorating, indicating increasing concerns about current and future employment prospects.