VOA News | Tuesday, February 25, 2025 
US consumer confidence drops sharply, survey shows

Washington — U.S. consumer confidence plunged in February in its biggest monthly decline in more than four years, a business research group said Tuesday. The Conference Board said its consumer confidence index dropped from 105.3 in January to 98.3 this month, the largest month-to-month decline since August 2021. With U.S. consumer spending accounting for about 70% of the world’s largest economy, the three major stock indexes on Wall Street all fell on news of the report. The tech-heavy NASDAQ dropped by more than a percentage point. The Conference Board said in a statement, “Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a 10-month high.” Separately, U.S. Treasury Secretary Scott Bessent contended Tuesday that the U.S. economy is more fragile under the surface than economic indicators suggest, and he vowed to “reprivatize” growth by cutting government spending and regulation. In his first major economic policy address, Bessent told a group at the Australian Embassy in Washington that interest rate volatility, enduring inflation and reliance on the public sector for job growth have hobbled the American economy, despite general national economic growth and low unemployment. Bessent blamed “prolific overspending” under former President Joe Biden and regulations that have hindered supply-side growth as the main drivers of “sticky inflation.” – Read more