If you’re feeling sad about the rising cost of living, you’re not alone – the pinch is being felt everywhere, from the gas pump to exchange traded funds (ETFs).
Consumer confidence has sunk to its lowest level in 16 years as a result, reports Anne D’Innocenzio for the Associated Press. The index registered a reading of 57.2, down from 62.8 for April and well below the expected 60 that analysts had expected.
On top of that, consumers are also nervous about their jobs. Job security is a key factor in determining a person’s willingness to spend.
This marks the fifth consecutive decline, and it’s the lowest reading since October 1992, when the index registered a 54.6.