Bags are displayed in the window of a Kate Spade store in Pittsburgh on Monday, Jan. 30, 2023. On Tuesday, the Conference Board reports on U.S. consumer confidence for February. (AP Photo/Gene J. Puskar)
Higher-income consumers are feeling better about the economy, and their optimism is helping lift the Conference Board Consumer Confidence Index.
The index, which tracks consumers' expectations of business and labor market conditions, increased slightly to 104.2 in March, up from 103.4 the month before.
"Driven by an uptick in expectations, consumer confidence improved somewhat in March, but remains below the average level seen in 2022 (104.5)," said Ataman Ozyildirim, senior director of economics at The Conference Board, in a press release. "The gain reflects an improved outlook for consumers under 55 years of age and for households earning $50,000 and over."
He added that while consumers are more optimistic about the near future, they are less sure about the current economy.
"The share of consumers saying jobs are 'plentiful' fell, while the share of those saying jobs are 'not so plentiful' rose," Ozyildirim said.
The index showed that consumers expect to spend less on discretionary purchases, such as entertainment and dining out, and more on less discretionary purchases, such as health care and home repairs.
Whether it’s a deepfake video of actor Tom Cruise discovering gum in a lollipop or President Joe Biden discouraging people from voting via telephone, you’ve likely come across a deepfake video, photo or audio recording.
Tensions in the South China Sea, Apple moving to India, and banning TikTok? The podcast ‘Face Off: The U.S. Versus China’ helps explain how we got here.
Cust2Mate is a leading innovator in retail technology, aiming to revolutionize the shopping experience. By implementing smart cart technology, the tech company addresses the issue of theft while enhancing the shopper's journey.
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
As we head into the second quarter, there’s an argument in favor of buying Boeing stock. Why? As one expert says, ‘there’s nowhere else to get planes.’
With inflation and prices still on the rise, it might be worth considering a carpool app. One of them, Singapore-based Ryde, just went public in the U.S.
Full Glass Wine Co., the company behind Bright Cellars, Wine Insiders, and Winc, knows you fell in love with home delivery during the pandemic – and it’s investing millions into making it even better.
