The Daily Money: Consumer confidence is falling, which may weaken holiday spending
Happy Hump Day. It's Bailey Schulz with your Daily Money headlines.
The holidays are approaching fast, but recent reports indicate that consumers aren't feeling the holiday cheer this year.
The Conference Board Consumer Confidence Index dropped to 102.5 after two consecutive months of gains, and this month's Expectations Index – which measures consumers' short-term outlook for income, business and labor market conditions – fell to its lowest level since April 2021.
All of this indicates that inflation, interest rate hikes and a possible recession are starting to weigh on consumers.
It's bad news for retailers, since a pessimistic outlook on the economy means more families may be cutting back on holiday spending this year.
iPhones to feature USB-C charging
Remember when Apple shifted away from the bulky 30-pin dock connector for the Lightning connector in 2012? Apple fans may need to prepare for another charger update.
Lightning cables could soon become obsolete after Apple's senior vice president of worldwide marketing said the company would comply with a European Union law requiring all mobile devices to support USB-C charging.
Lawmakers in the U.S. have also pushed the U.S. Commerce Department to adopt a similar law, saying a universal standard for charging mobile devices would help save consumers' money and cut down electronic waste.
Apple already has some devices that support USB-C charging, including newer iPad models, but has not said when it would introduce USB-C to iPhones.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you.
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