Consumer confidence drops to Covid-era low

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.

“Rattled consumers spend less than confident consumers,” said Carl Weinberg, chief economist at High Frequency Economics, in an email. “If confidence sags and consumers retrench, growth will go down.”

UPS to slash 20,000 jobs

UPS is looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the amount of Amazon shipments it handles.

The package delivery company said Tuesday that it anticipates making the job cuts this year. It anticipates closing 73 leased and owned buildings by the end of June. UPS said that it is still reviewing its network and may identify more buildings to be shuttered.

“The actions we are taking to reconfigure our network and reduce cost across our business could not be timelier,” CEO Carol Tomé said in a statement on Tuesday. “The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.”

— Boston Herald Wire Services