Nonprofit reacts to report showing consumer confidence at lowest point since 2021: 'Been a struggle'
RALEIGH, N.C. (WTVD) -- A new consumer confidence report released Tuesday by The Conference Board points to a dramatic dip in the mood Americans' have to their finances and the economy.
According to the report, consumer confidence for February came in on the index scale at 98.3, down from 105.3. It's the biggest such month-to-month decline since August 2021.
The report attributes the steep decline to consumer uncertainty about tariffs imposed by President Donald Trump.
"That actually really does hurt people's willingness to spend," said Duke economist Connel Fullenkamp. "If the administration would settle down and declare what it's really up to and what policy's he's really going to pursue so people can make better long-term plans and businesses can make better long-term plans so they know how to deal with this, that'd be a big step in the right direction."
The report also called out consumers' pessimism about future business decisions and less optimistic about future income.
In recent days, major retailer JOANN Fabrics announced it is closing some 800 stores and Starbucks announced it's laying off workers as the company downsizes.
Meanwhile, Triangle-based nonprofit, Friends of Hometown Heroes, said the economy and consumer confidence are affecting business. Wade Rosar, who operates the nonprofit, supplies bulletproof vests for law enforcement K9s and fire equipment for disaster relief.
"The price of vests went from $600 to $1500 apiece. The economy is really terrible. People can't afford it," said Rosar. "It's just been a struggle."
Rosar also said attracting volunteers has proved to be a challenge because people do not have the time or energy to help with his efforts.
"We used to have about 15 volunteers. We're down to five. And that's sad," Rosar said. "But a lot of these volunteers I had, they're saying, 'I have to work two and three jobs just to make ends meet. So I don't have time to volunteer anymore."
To help his nonprofit continue making a difference, he is hosting a casino night fundraiser on March 17 at Locked and Loaded Grill in Garner.
"This is probably one of the worst years I've seen. Even during the pandemic we still survived. We made it through that. But I'm scared about this economy right now. I really am," said Rosar.
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