Newscasts - US consumer confidence deteriorates further in March

Synchrony Financial

25/03/2025 17:14

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Source: 'Reuters - Business videos'

Description: U.S. consumer confidence dropped for a fourth straight month in March, with households the most pessimistic about the future in 12 years, a survey showed on Tuesday. Lisa Bernhard has more.

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Video Transcript:

American households continued to lose confidence in their financial futures, according to a survey released on Tuesday. The Conference Board's Consumer Confidence Index plunged over seven points in March, more than economists polled by Reuters had expected. It was the fourth straight monthly decline. The report's expectations index, which is based on consumers' short-term outlook for income, businesses, and jobs, dropped to its lowest level in 12 years, below a threshold that usually signals a looming recession. Meanwhile, a separate report showed that Americans are starting to curb their spending in response to high prices and a worsening economic outlook. That's according to consumer finance company Synchrony Financial, which issues credit cards in partnership with retailers and merchants and has more than 100 million consumer credit accounts. Analysts said household spending cuts could be a precursor to increasing late credit payments or even loan defaults. And HSBC analyst speaking with Reuters said household belt tightening has weighed on consumer finance stocks with shares of American Express, Capital One, Synchrony, and Discover down between 15% to 22% over the past month.