The Conference Board reported a significant drop in consumer confidence for September, marking the sharpest decline in over three years. Americans are growing increasingly concerned about the economy, particularly the labor market.
Consumer confidence tumbled in September, marking the sharpest drop in more than three years as Americans grow increasingly concerned about economic conditions – particularly the labor market . The Conference Board reported Tuesday that its Consumer Confidence Index fell this month to 98.7, down from an upwardly revised August reading of 105.6.
The Present Situation Index, which gauges consumers' current assessment of the business and labor market, plummeted more than 10 points to 124.3 this month, while the Expectations Index, based on respondents' short-term outlook, declined 4.6 points to 81.7. The Conference Board noted that when the Expectations Index falls below a reading of 80, it typically signals a recession is ahead. Consumers' current view of business conditions also turned negative this month, the report showed.
Consumer Confidence Recession Labor Market Inflation Economic Conditions
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