Americans are increasingly pessimistic about the economic outlook, as rising prices and uncertainty around President Trump’s policies weigh on consumer confidence.

The Conference Board’s consumer confidence index dropped to 92.9 in March, the lowest level in over four years.

Consumers’ expectations for income, business, and labor conditions hit a 12-year low, while inflation expectations rose.

There was also a notable decline in stock market outlook, with fewer consumers expecting positive returns.

However, despite these concerns, economists are uncertain if this will lead to a significant slowdown in actual spending, as past surveys have not always aligned with real economic behavior, Yahoo Finance has reported.

Federal Reserve Chair Jerome Powell and others caution against reading too much into these soft survey results, pointing to past instances where consumer sentiment didn’t translate into weaker economic activity.

Written by B.C. Begley