US Consumer Confidence Drops to 9-Month Low Amidst Stabilizing Housing Market
US consumer confidence dropped to a nine-month low in April, with worries about the future mounting, heightening the risk of a recession this year. The share of Americans planning to buy major household appliances over the next six months fell to the lowest level since 2011, and vacations were also not in the cards for many. However, the housing market appears to be stabilizing, with new home sales surging 9.6% to a seasonally adjusted annual rate of 683,000 units in March, the highest level since March 2022.