US consumer confidence slumps in January to a level last seen in 2014

U.S. consumer ‍confidence unexpectedly deteriorated in January, slumping ⁠to its lowest level since 2014, amid growing anxiety over high prices ‌and ‌a sluggish labor market, a survey ‌showed on Tuesday. The Conference Board said on Tuesday its consumer confidence index plunged 9.7 points to 84.5 this month, the lowest level since May ‌2014. ‍Economists polled by ‍Reuters had forecast the index at 90.9.

"Consumers' ‌write-in responses on factors affecting the economy continued to skew towards pessimism," said Dana Peterson, chief economist at the Conference Board. "References to ‍prices and inflation, oil and gas prices, ‍and ⁠food and grocery ⁠prices remained elevated. Mentions of tariffs and trade, politics, and the labor market also rose, and references to health insurance and war edged higher."