The Conference Board Consumer Confidence Index fell for the third consecutive month this month and is now at its lowest reading since July 2022. However, The Conference Board noted the index’s reading remains in a relatively narrow range that’s held steady for more than two years.

“Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation and more concerned about future business conditions, job availability and income,” Dana Peterson, chief economist at The Conference Board, said in a press release.

The Consumer Confidence Index fell to a reading of 97.0 this month (1985 = 100) from a downwardly revised reading of 103.1 in March.

“In the month, confidence declined among consumers of all age groups and almost all income groups except for the $25,000 to $49,999 bracket,” Peterson said. “In April, households with incomes below $25,000 and those with incomes above $75,000 reported the largest deteriorations in confidence.”

Elevated price levels, especially for food and gas, dominated consumers’ concerns, with politics and global conflicts distant runners up.

Consumers’ perceived likelihood of a US recession over the next 12 months rose slightly, but it is still well below its May 2023 peak.

Consumers were also more downbeat on the labor market. The Conference Board found that 40.2% said jobs were “plentiful” this month, down from 41.7% in March.

On the flip side, more consumers, 14.9%, said jobs were “hard to get.” That’s up from 12.2% in March.

In addition, fewer consumers expect more jobs to be available, going down to 11.7% this month from 14.3% in March.

Also, 19.6% anticipate fewer jobs, up from 18.8% in March.