U.S. Consumer Confidence Fell in September Amid Elevated Oil Prices, Inflation Worries, Conference Board Says
The Conference Board Consumer Confidence Index dropped 6.7 points to 81.9 in September, down from 88.6 in August. This decline marks the lowest level of consumer confidence since 2014. Americans report increased pessimism driven by elevated oil and gas prices, inflation worries, and escalating fears regarding jobs and the labor market. Some reports indicate that current economic sentiment is worse than at almost any point in modern history, including levels seen during the pandemic.
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- ✓ The Conference Board Consumer Confidence Index fell to 81.9 in September from 88.6 in August.
- ✓ US consumer confidence has reached its lowest level since 2014.
- ✓ Elevated oil and gas prices and inflation concerns contributed to the September decline.
- ✓ Consumer optimism declined due to escalating fears over rising prices and jobs.
What changed
The Conference Board released September data showing a plunge in consumer confidence to a 12-year low.
Live updates
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US Consumer Confidence Hits 12-Year Low in September
The Conference Board Consumer Confidence Index dropped 6.7 points to 81.9 in September, down from 88.6 in August. This decline marks the lowest level of consumer confidence since 2014. Americans report increased pessimism driven by elevated oil and gas prices, inflation worries, and escalating fears regarding jobs and the labor market. Some reports indicate that current economic sentiment is worse than at almost any point in modern history, including levels seen during the pandemic.
Why it matters
Consumer confidence serves as a key indicator of household spending plans and expectations for inflation and interest rates. A sharp slide suggests a potential contraction in consumer spending, which drives a large portion of the US economy. Persistent price hikes for essential items like fuel are currently weighing on public sentiment.
What is confirmed
- The Conference Board Consumer Confidence Index fell to 81.9 in September from 88.6 in August.
- US consumer confidence has reached its lowest level since 2014.
- Elevated oil and gas prices and inflation concerns contributed to the September decline.
- Consumer optimism declined due to escalating fears over rising prices and jobs.
Still unconfirmed
- Americans feel worse about the economy than at almost any point in modern history.
- Americans feel worse about the economy now than during the pandemic.
What to watch next
- Future Conference Board monthly surveys on consumer attitudes
- Official US labor market reports regarding job growth or losses
- Changes in global oil price trends affecting consumer spending
confidence 95%Sources used for this update (21)
- economictimes.indiatimes.com — TCS q2 earnings
- CNN — Americans still feel worse about the economy than at almost any point in modern history
- www.youtube.com — YouTube
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- en.wikipedia.org — U - Wikipedia
- WSJ — U.S. Consumer Confidence Fell in September Amid Elevated Oil Prices, Inflation Worries, Conference Board Says
- 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
- Bloomberg.com — US Consumer Confidence Plunges to Lowest Level Since 2014
- Yahoo Finance — Consumer confidence plunged in September: Conference Board
- Bloomberg.com — Watch US Consumer Confidence Plunges to Lowest Level Since 2014
- Axios — New 12-year low in consumer confidence
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