The Conference Board released its January Consumer Confidence Index (CCI) report on Tuesday and the news was not good. The January CCI declined to 107.1 which is a 2.9-point decrease from December’s revised reading of 109.0. Despite the drop in consumer confidence, the index remains above the July 2022 level which was the lowest since the start of the year.

The Present Situation Index, which tracks consumers’ assessment of economic and labor market conditions, improved to 150.9, up from 147.4 in December. However, the Expectations Index, which reflects consumer expectations for the next six months, declined to 77.8 from 83