Experts say that Americans are so pessimistic about business conditions, their confidence has fallen “significantly below the threshold that usually signals a recession in front of”

• Consumer trust has fallen The fourth consecutive month, and the prospect of consumer on business conditions and their own revenues fell to the lowest level in 12 years. The Conference Committee says that confidence has fallen “significantly below the threshold … which usually signals the recession ahead.”

The Conference Committee published its Consumer’s latest survey On Tuesday, which revealed that the confidence of the consumer fell for the fourth month in a row.

Significant is that the expectation index of the conference committee is based on short-term appearances of consumers for revenue, operations and labor market conditions-65.2, the lowest level in 12 years “and significantly below the threshold of 80, which usually signals the recession in front.”

“The expectations of consumer were particularly gloomy, and pessimism about future business conditions deepening and confidence in the future prospect of employment falls to a 12-year-old low,” wrote Stephanie Guichard, a higher economist of global indicators in the conference committee, in a statement. “In the meantime, consumer optimism about the future income – which has been very strong in recent months – has mostly disappeared, suggesting that the care of economics and labor market has begun to spread to consumer assessments on their personal situations.”

Compared to February, fewer consumers in March expected that their revenues would increase – and vice versa, more people expected that their revenues would actually reduce forward. Their prospects for the labor market have worsened at all, with fewer people expecting more jobs to be available and more people who expect the business conditions to worsen.

“Comments on the current administration and his policies, both positive and negative, dominated the consumer answers to what affects their economic views,” said the Conference Committee.

A major decline in consumer trust in March was mostly encouraged by people over the age of 55, followed by those between 35 and 55.

Significantly, this pessimism has expanded to the stock market, where expectations were negative for the first time since 2023. The markets have experienced a huge sale earlier this month in the middle of tariff uncertainty, which deleted everything after the S&P 500 election.

“In March, only 37.4% were expected to increase the shares during the year, which was ahead of us – reduced nearly 10 percentage points from February and 20 percent points from high reach in November 2024,” Guichard said. For what is worth, consumers seem to be experiencing a feeling on Wall Street, where many economists who expect Trump’s administration to continue “An exceptionally a growth program“Now they feel trouble in the midst of increased risks of recession.

Consumers are also more concerned about inflation than they were in February, and are especially “concerned about the high prices of key household staples such as eggs and the influence of tariffs.” Trade department in February said Americans sharply reduced to consumption in the midst of concern about the effects of tariff on the economy. Wednesday warned by Chicago FED President Austan Goolsbee Inflation will be self -fulfilling prophecy If companies start baking the consumer fears in their own forecasts.

The Conference Committee will announce their next consumer confidence report on April 29.

This story is originally shown on Fortune.com