Consumer Confidence Resumes Downward Slide as US Inflation Fears Mount

With Senate Majority Leader Charles Schumer (D-N.Y.) looking on, President Joe Biden hands Sen. Joe Manchin (D-W. Va.) the pen he used to sign into law the so-called Inflation Reduction Act at the White House, on Aug. 16, 2022. Drew Angerer/Getty Images

U.S. consumer confidence started to decline again in October, after witnessing two continuous months of strong growth.

High inflation rates, caused by years of low borrowing rates and persistent supply shortages, are beginning to take a toll on American consumers, as the economy is in the midst of a recession.