Consumer optimism slides to lowest since 2014 as fears escalate over rising prices and jobs
The Conference Board Consumer Confidence Index fell to 81.9 in September, a 6.7 point drop that missed the forecast of 89. This represents the lowest level of consumer optimism in over a decade. Americans cite elevated prices for gas and other goods, alongside labor market uncertainty, as primary drivers for the decline. Some consumers now report feeling worse about the economy than they did during the pandemic, while others point to stagnant wages and the ongoing Iran war as contributing factors to the pessimism.
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- ✓ The Conference Board Consumer Confidence Index fell 6.7 points to 81.9 in September.
- ✓ Consumer confidence reached its lowest level since 2014.
- ✓ The September reading of 81.9 was below the forecast of 89.
- ✓ Rising prices for fuel and goods are key factors in the decline.
What changed
The Conference Board released September data showing a sharp tumble in consumer confidence to 81.9.
Live updates
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US Consumer Confidence Hits Lowest Level Since 2014
The Conference Board Consumer Confidence Index fell to 81.9 in September, a 6.7 point drop that missed the forecast of 89. This represents the lowest level of consumer optimism in over a decade. Americans cite elevated prices for gas and other goods, alongside labor market uncertainty, as primary drivers for the decline. Some consumers now report feeling worse about the economy than they did during the pandemic, while others point to stagnant wages and the ongoing Iran war as contributing factors to the pessimism.
Why it matters
Consumer sentiment is a key indicator of future household spending, which drives a large portion of the US economy. The current slide occurs ahead of midterm elections and amid broader geopolitical instability. Labor market data shows a mixed picture, with August job openings falling to 7.08 million against an estimated 7.2 million.
What is confirmed
- The Conference Board Consumer Confidence Index fell 6.7 points to 81.9 in September.
- Consumer confidence reached its lowest level since 2014.
- The September reading of 81.9 was below the forecast of 89.
- Rising prices for fuel and goods are key factors in the decline.
- Americans expressed greater pessimism about the economy than during the pandemic.
Still unconfirmed
- Stagnant wages and the ongoing Iran war are contributing to the sink in confidence.
- Job openings declined in August to 7.08 million while hires nudged higher and layoffs slipped.
What to watch next
- Midterm election results
- Updated labor market data for September
- Changes in fuel and goods pricing trends
confidence 95%Sources used for this update (20)
- www.cnn.com — Stock Market Data - US Markets, World Markets, and Stock Quotes
- www.cnbc.com — Economic News
- CNBC — Consumer optimism slides sharply as fears escalate over rising prices and jobs
- ABC News - Breaking News, Latest News and Videos — Americans growing more pessimistic about the economy as prices for gas, other items remain elevated
- The Washington Post — Americans feel worse about the economy than during the pandemic
- Reuters — US consumer confidence near 12-1/2-year low amid labor market fears
- Yahoo Finance — Consumer confidence plunges to lowest level since 2014: Conference Board
- www.cnbc.com — Consumer optimism slides to lowest since 2014 as fears ... - CNBC
- www.latimes.com — Americans’ confidence in the economy hits its lowest level ...
- digg.com — Consumer confidence index falls 6.7 points to 81.9 · Digg
- www.gulf-times.com — tag - Gulf Times
- www.aljazeera.com — US consumer confidence hits its lowest level since 2014 ahead ...
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