Trade tensions with China have further raised alarm in American households, undermining one of the brightest spots in an economy otherwise expected to slow.
About two-thirds of US adults were concerned about how tariffs would affect their household spending in October, according to a new survey from the market-research group Civic Science. That was an six-point rise from the start of the summer, before President Donald Trump significantly escalated tensions with China.
"We can connect this to the fact that consumers are noticing higher prices," the research group said. "The increased concern and impact in household spending appear to be moving in a direction where more Americans are taking note and seeing tariffs as something that could cut into their bottom line."
The US and China have only increased the import taxes on thousands of each other's products in recent months, raising costs for businesses and consumers just ahead of the holiday shopping season.
"Uneasiness over the trade war means that any further improvement in confidence is unlikely," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics.
Policy uncertainty and slower growth abroad contributed to economic concerns in August, when a recession indicator flashed for the first time since the financial crisis. Stronger-than-expected consumer spending, which makes up more than two-thirds of activity in the economy, has helped to prop up growth outlooks over the past year.
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