The University of Michigan’s Consumer Confidence Index fell from 101 in February to 72 in April. University analysts state that a collapse in confidence stemmed from concerns around personal finances and the national economy – both related to fallout from the coronavirus. Hope for consumer confidence to be made whole again will rise as COVID-19 cases decline and are contained. While the United States waits for economic recovery, it should be noted that consumer confidence will fluctuate pending the reopening of the economy. Once open, if a resurgence of infections occurs due to poor social distancing and travel regulations, consumer confidence may plummet further.
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