{"id":1053697,"date":"2025-06-25T16:14:00","date_gmt":"2025-06-25T20:14:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1053697"},"modified":"2025-06-26T09:15:04","modified_gmt":"2025-06-26T13:15:04","slug":"new-report-trump-deteriorated-consumer-confidence-as-job-market-worries-hit-highest-level-since-2021","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-report-trump-deteriorated-consumer-confidence-as-job-market-worries-hit-highest-level-since-2021\/","title":{"rendered":"NEW REPORT: Trump \u201cDeteriorated\u201d Consumer Confidence As Job Market Worries Hit Highest Level Since 2021"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to this week\u2019s <\/em>Consumer Confidence report<\/em><\/a> showing Americans\u2019 confidence in the economy deteriorated in June, with the sharpest decline felt by Republicans, many of whom have lost faith in Trump\u2019s ability to follow through on his campaign promise to usher in a supposed economic golden age, <\/em>DNC Chair Ken Martin released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cDespite Donald Trump\u2019s promise to lower prices on Day One, Americans have suffered through months of price increases. Now, working families are taking loans<\/a> to pay for groceries, cutting back on spending, and changing their summer plans to scrape by \u2014 and Trump has no plans to correct course, instead focusing on everything but lowering costs. Now, the job market is slowing, consumer sentiment has \u2018deteriorated\u2019<\/a>, and economists are warning things are only going to get more expensive<\/a>. Trump\u2019s budget bill threatens to make things even worse. With his disastrous billionaire-first agenda, Trump is willing to drag the American people into a financial crisis.\u201d <\/p>\n\n\n\n

NEW REPORT: Donald Trump\u2019s failing economic agenda has <\/strong>\u201cdeteriorated\u201d<\/strong><\/a> consumer sentiment \u2014 especially among Republicans \u2014 as the job market continues to slow and Americans brace for a recession. <\/strong><\/p>\n\n\n\n

The Conference Board<\/a>: \u201cThe Conference Board Consumer Confidence Index deteriorated by 5.4 points in June<\/strong> \u2026 The Present Situation Index<\/strong>\u2014based on consumers\u2019 assessment of current business and labor market conditions\u2014fell 6.4 points to 129.1.<\/strong> The Expectations Index<\/strong>\u2014based on consumers\u2019 short-term outlook for income, business, and labor market conditions\u2014fell 4.6 points to 69.0, substantially below the threshold of 80 that typically signals a recession ahead. \u2026<\/strong><\/p>\n\n\n\n

\u201cJune\u2019s retreat in confidence was<\/strong> shared by all age groups and almost all income groups. It was also shared across all political affiliations, with the largest decline among Republicans.\u201d <\/strong><\/p>\n\n\n\n

Heather Long<\/a>: \u201cClose to 70% of U.S. consumers think there will be a recession in the next year<\/strong>, according to the @Conferenceboard release today.\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cUS consumer confidence weakens on job market worries\u201d <\/strong><\/p>\n\n\n\n

\u201cThe share of consumers viewing jobs as plentiful was the smallest since March 2021,<\/strong> aligning with the continued elevation in the number of people collecting unemployment checks as well as a moderation in job growth.\u201d <\/p>\n\n\n\n

Economists are sounding the alarm that Trump\u2019s disastrous agenda will bring higher inflation, higher unemployment, and slower growth. <\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cFederal Reserve Bank of New York President John Williams expects slower growth and higher inflation this year due in large part to trade tariffs \u2026<\/strong><\/p>\n\n\n\n

\u201cWilliams said that as a result he expects growth to slow considerably this year<\/strong> to around 1%, with the unemployment rate rising from its current 4.2% level to 4.5% by year\u2019s end.<\/strong> The official also expects that inflation will rise to 3% as President Donald Trump\u2019s tariffs drive up prices \u2026\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cFederal Reserve Governor Michael Barr said he anticipates tariffs will drive up inflation <\/strong>and expressed support for a wait-and-see approach to interest-rate adjustments. \u2026<\/p>\n\n\n\n

\u201cBarr said [Trump\u2019s] levies may cause the economy to slow and unemployment to rise \u2026\u201d<\/strong> <\/p>\n\n\n\n

Federal Reserve Bank of Richmond<\/a>: \u201cRecord Concern about Tariffs Expected to Increase Costs and Prices, Reduce Hiring and Investment\u201d <\/strong><\/p>\n\n\n\n

\u201cForty percent of [CFOs] indicated tariffs and trade policy were a pressing concern for their firm this quarter, a record share of respondents citing the same concern going back to the second quarter of 2020<\/strong> \u2014 a time period that covered the pandemic, severe supply chain disruption, and the highest inflation rate the U.S. has seen since the early 1980s.\u201d  <\/p>\n\n\n\n

Americans are already cutting back on spending and struggling to afford basic necessities like groceries \u2014 all while bracing for an <\/strong>\u201cuncomfortable\u201d<\/strong><\/a> summer of even higher prices.  <\/strong><\/p>\n\n\n\n

Time Magazine<\/a>: \u201c<\/strong>Canned foods, cars, houses, and a range of other goods could soon get more expensive as businesses face a newly doubled tariff rate of 50% for steel and aluminum imports.\u201d <\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cNearly a quarter of consumers using buy now, pay later loans finance groceries, up from 14 percent a year ago. \u2026  <\/strong><\/p>\n\n\n\n

\u201c[P]ay later plans for day-to-day essentials is a troubling sign that more consumers are financially stressed. \u2026 <\/strong><\/p>\n\n\n\n

\u201cFood prices are 28 percent higher than they were in 2020,<\/strong> according to the Bureau of Labor Statistics.\u201d <\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cThe U.S. Economy Is Headed Toward an Uncomfortable Summer<\/strong>\u201d <\/p>\n\n\n\n

\u201cBusinesses are warning that constantly shifting trade policies are interfering with their ability to plan for the future<\/strong>, leading to hiring and investment freezes.\u201d <\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cOn average, Americans should count on their electricity bills in June, July and August rising 4% from last year \u2026  <\/strong><\/p>\n\n\n\n

\u201cThat would bring the nationwide summertime average to $186 a month, up from $180 last year and $148 four years ago<\/strong>, the [Energy Information Administration] said.\u201d <\/p>\n\n\n\n

NBC News<\/a>: \u201cSome Americans are shifting their summer plans to avoid tariff price hikes\u201d<\/strong><\/p>\n\n\n\n

The Washington Post<\/a>: \u201cAmericans watching the turmoil with tariffs have begun pulling back on spending, as President Donald Trump\u2019s trade war continues to stir up economic uncertainty. <\/strong>Consumer spending growth slowed significantly in the first three months of the year, to 1.2 percent from 4 percent a quarter earlier,<\/strong> according to newly revised gross domestic product data released Thursday.\u201d <\/p>\n\n\n\n

Rather than help lower costs, Trump is busy pushing his billionaire-first agenda that will worsen inflation, explode the deficit, and lead to a financial crisis.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cGOP bill could worsen inflation and lead to financial crisis, economists warn\u201d<\/strong><\/p>\n\n\n\n

ABC<\/a>: <\/strong>\u201cThe \u2018One Big Beautiful Bill Act\u2019 … could add $2.4 trillion to the deficit<\/strong> over the next decade, according to a new analysis out Wednesday from the nonpartisan Congressional Budget Office.\u201d <\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cBudget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say\u201d  <\/strong><\/p>\n\n\n\n

Yale Budget Lab<\/a>: \u201cIn the long run, real GDP growth slows because of the debt load from the One Big Beautiful Bill Act (OBBBA) that raises interest rates and results in crowding out.\u201d<\/strong>  <\/p>\n\n\n\n

Financial Times<\/a>: \u201cSenior Federal Reserve official puts \u201850-50\u2019 odds on tariffs sparking sustained US inflation\u201d<\/strong> <\/p>\n\n\n\n

\u201cSt Louis Fed president Alberto Musalem told the Financial Times that while Trump\u2019s levies could boost inflation for \u2018a quarter or two,\u2019 there was \u2018an equally likely scenario where the impact of tariffs on prices could last longer.\u2019\u201d <\/p>\n\n\n\n

POLLING: The American people are overwhelmingly rejecting Trump\u2019s failed economic agenda. <\/strong><\/p>\n\n\n\n