Consumer confidence falls, showing largest decline in 3 years
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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.
Shoppers are shown at Kosher grocer KC Market's newest location in Boynton Beach, Florida, on Wednesday, April 10, 2024. Consumer confidence plunged by its lowest level in more than three years in September. (Amy Beth Bennett/South Florida Sun Sentinel/Tribune News Service via Getty Images / Getty Images)
«September's decline was the largest since August 2021 and all five components of the Index deteriorated,» Conference Board chief economist Dana Peterson said. «Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further.»
«Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income,» Peterson added.
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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.
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