Americans’ confidence in the economy slumped for the fifth straight month to the lowest level since the onset of the COVID-19 pandemic as anxiety over the impact of tariffs takes a heavy toll.

The Conference Board said Tuesday that its consumer confidence index fell 7.9 points in April to 86, its lowest reading since May 2020. Nearly one-third of consumers expect hiring to slow in the coming months, nearly matching the level reached in April 2009, when the economy was mired in the Great Recession.

The figures reflect a rapidly souring mood among Americans, most of whom expect prices to rise because of the widespread tariffs imposed by President Donald Trump. About half of Americans are also worried about the potential for a recession, according to a survey by The Associated Press-NORC Center.

A measure of Americans’ short-term expectations for their income, business conditions and the job market plunged 12.5 points to 54.4, the lowest level in more than 13 years. The reading is well below 80, which typically signals a recession ahead.

How this gloomy mood translates into spending, hiring, and growth will become clearer in the coming days and weeks. On Wednesday, the government will report on U.S. economic growth during the first three months of the year, and economists are expecting a sharp slowdown as Americans pulled back on spending after a strong winter holiday shopping season.

And on Friday the Labor Department will release its latest report on hiring and the unemployment rate. Overall, economists expect it should still show steady job gains, though some forecast it could report sharply reduced hiring.

The stark decline in consumer confidence also likely reflected the sharp swings in stock and bond prices that roiled financial markets earlier this month. While all age groups and most income brackets reported lower confidence, the decline was steepest among households earning more than $125,000 and among consumers 35 to 55 years old.

Though major U.S. markets rebounded over the past week, the S&P 500 index is still down 6% for the year and the Dow Jones has lost 5%. The growth-heavy Nasdaq is down 10% in 2025.

The Conference Board said that mentions of tariffs in write-in responses reached an all-time high this month, with the duties on the top of consumers’ minds.

Fewer consumers said they were planning to buy a home or car in the next six months. Sales of previously occupied U.S. homes slowed last month in a lackluster start to the spring homebuying season as elevated mortgage rates and rising prices discouraged those looking.

— Associated Press

Ecolab shares up 3% on 1Q profit report

St. Paul-based Ecolab announced a first-quarter profit of $402.5 million. on a per-share basism the company $1.41. Earnings, adjusted for one-time gains and costs, were $1.50 per share.

The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of $1.50 per share.

Shares rose 3.3% to $246.91.

The cleaning, food-safety and pest-control services company posted revenue of $3.7 billion in the period, which also matched forecasts.

For the current quarter ending in June, Ecolab expects its per-share earnings to range from $1.84 to $1.94.

The company expects full-year earnings in the range of $7.42 to $7.62 per share.

UPS to lay off 20,000 amid tariff uncertainty

UPS said on Tuesday that it would cut 20,000 jobs this year as part of a long-term plan to reduce costs and bolster profit.

The cuts come as President Donald Trump’s tariffs are prompting some UPS customers to ship fewer goods. The company said “macroeconomic uncertainty” prevented it from updating its forecasts for revenue and profits for 2025.

UPS already cut 12,000 jobs last year. It now has some 490,000 employees, many of whom are members of the Teamsters union. In its latest cuts, the company said it would shed “operational” employees, or those who sort or deliver packages.

GM withholds earning forecast over tariffs

General Motors is abandoning a previous forecast for solid profit growth this year as a result of the uncertainty created by President Donald Trump’s trade policies, the automaker said Tuesday.

The Trump administration imposed a 25% tariffs on imported cars this month and has said it will impose a 25% duty on imported parts Saturday. About half the cars that GM sells in the United States in a typical year are made abroad, mostly in Canada and Mexico.

“We are not going to give any more forward guidance on tariffs until we have more clarity,” the company’s chief financial officer, Paul Jacobson, said in a conference call with reporters.

GM also said Tuesday that it made $2.8 billion in the first quarter, a decline of 7% from a year earlier. The company was hurt by a 14% drop in earnings before interest and taxes in North America, where it generates almost all of its profit. Its businesses that serve the rest of the world recorded small profits.

— From news services