The Conference Board's consumer confidence index dropped sharply in September, signaling growing economic anxiety among Americans. Factors contributing to this decline include concerns about business conditions, the labor market, and future income prospects.
FILE - A shopper passes by a Christmas tree costing $600 on display in a Costco warehouse Sept. 12, 2024, in Thornton, Colo. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month-to-month decline since August of 2021.
The measure of Americans' short-term expectations for income, business and the job market fell to 81.7 from 86.3 in July. A reading under 80 can signal a potential recession in the near future. On top of the tepid jobs numbers from July and August, the government reported earlier this month that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported. The revised total added to evidence that the job market has been steadily slowing.
The central bank's action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed's 2% target.
Consumer Confidence Economy Recession Fears Job Market Interest Rates
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California consumer confidence plummets to 4-year lowOne Golden State yardstick of shopper psyche is off 17% in two months, down 24% in a year.
Read more »
Shock: Consumer Confidence Unexpectedly Plummets, Worst Decline in Three YearsSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
U.S. Consumer Confidence Plummets in September Amid Rising Job ConcernsAccording to the Conference Board, the decline seen in September was the largest month-to-month decrease since August 2021.
Read more »
Consumer Confidence Shows Increased Optimism But Concerns LingerAugust's consumer confidence index reading from the Conference Board showed a slight increase in confidence.
Read more »
Consumer confidence lukewarm, but inflation expectations continue to improveThe Conference Board's August Consumer Confidence Index came in 'kind of average.'
Read more »
US consumer confidence rises in August as Americans' optimism about future improvesAmerican consumers felt more confident in August as their outlook for the future improved. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July.
Read more »