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As inflation continues to boost prices across all products, services, and gas, consumer confidence in their incomes being able to pay for basic needs, including housing and utilities has sunk to its lowest level in 16 months.

According to the Conference Board, a national research group that tracks consumers’ expectations every six months has stated that consumers are feeling worse today than during COVID about their ability to fund their purchases. Despite the fact that many are back to work, their paychecks are no longer giving them the cushion they need to function. Their index has dropped below 80 points, which indicates that Americans are more pessimistic today than they have been in nearly 10 years. The Conference Board says this is a prediction of what could be a major recession by year-end.