The numbers: A survey of consumer confidence slipped in January to 107.1, reflecting growing worries about a potential recession as rising interest rates and high inflation degrade the U.S. economy.

The closely followed index fell almost 2 points from 109 in December, the nonprofit Conference Board said Wednesday. The index had hit an 11-month high at the end of 2022.

Economists polled by The Wall Street Journal forecast the index to rise to 109.5.