Not Good

The consumer confidence number is out, and it has hit a 12 year low.

The rising cost of living has manifested itself in higher prices at the pump and supermarket as well as mortgage rates. Diesel prices are at a record high. Economists say the war has created an uncertain business environment and hindered employers' ability to hire more workers.

"The economy is stagnant for the typical American household, which has been caused by the erratic public policy environment that makes it tough for businesses and households to plan for the future," said Kyle Moore, chief economist at The Century Foundation.

The Conference Board said its ​consumer confidence index plummeted 6.7 points this month to 81.9, the lowest level since April 2014. Economists polled by Reuters had forecast the index at 89.2. The deterioration in confidence was across political party affiliation, age and income ​groups.

The consumer confidence index fell by 6.7 points to 81.9, much weaker than economists polled by The Wall Street Journal had forecast. Consumers’ also had a tepid assessment of current labor market conditions and said they were worried about higher interest rates in the year ahead.

Obviously, one month does not a trend make, but this is not good news.