Consumer Confidence Falls to 9 Months Low

26 April 2023

As at 10 am, AEST

Gold Spot Price $AU3018

Silver Spot Price $AU37.93

Platinum Spot Price $AU1662

Consumer worries about jobs and a looming recession have now placed consumer confidence front and centre in the latest data from the US.

“Consumers are becoming more pessimistic about the outlook for both business conditions and the labour market” and “More households are expecting conditions to worsen within the next 6 months”, from Ataman Ozyildirim Senior Director of Economics at the Conference Board.

Also important to pay attention to currently, is the US earnings season. With very mixed results on the back of banking failures just months ago, the US share market has ‘the jitters’ and was down 1.5% for the day. US500 is currently at 4090.

Inflation expectations are still running high, with Americans anticipating prices to continue rising at approximately 6% into the next 12 months.

With so much of the US and worldwide economy driven by consumerism, it’s no surprise that Gold jumped back up to $US2000 almost immediately, up from $US1976.

*Not financial advice, please do your own research prior to any investment decisions you make.

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