US consumer confidence near 12-1/2-year low amid labor market fears
US consumer confidence dropped in September to its lowest level since 2014, according to the Conference Board. Households report increasing pessimism regarding business and labor market conditions over the next six months. This decline is driven by escalating fears over rising prices, elevated oil and gas costs, and general inflation worries. The sentiment shift has coincided with a slight dip in US stocks, while index futures steadied Monday evening following a period of volatility caused by soaring yields and concerns over artificial intelligence development.
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- ✓ US consumer confidence fell in September to the lowest level since 2014.
- ✓ Households expect business and labor market conditions to deteriorate over the next six months.
- ✓ Elevated oil and gas prices and inflation worries contributed to the decline in consumer optimism.
- ✓ The current level of economic pessimism is worse than during the pandemic.
What changed
September data from the Conference Board shows confidence falling to a near 12-1/2-year low.
Live updates
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US Consumer Confidence Plunges to Near 12-1/2-Year Low
US consumer confidence dropped in September to its lowest level since 2014, according to the Conference Board. Households report increasing pessimism regarding business and labor market conditions over the next six months. This decline is driven by escalating fears over rising prices, elevated oil and gas costs, and general inflation worries. The sentiment shift has coincided with a slight dip in US stocks, while index futures steadied Monday evening following a period of volatility caused by soaring yields and concerns over artificial intelligence development.
Why it matters
The current sentiment reflects a deeper economic anxiety than seen during the pandemic or almost any other point in modern history. These fears are compounded by rising interest rates and the ongoing conflict in the Middle East. Sustained low confidence typically signals reduced consumer spending, which can slow overall economic growth.
What is confirmed
- US consumer confidence fell in September to the lowest level since 2014.
- Households expect business and labor market conditions to deteriorate over the next six months.
- Elevated oil and gas prices and inflation worries contributed to the decline in consumer optimism.
- The current level of economic pessimism is worse than during the pandemic.
What to watch next
- Future Conference Board survey results regarding labor market conditions
- Changes in oil and gas pricing trends
- Impact of rising interest rates on consumer spending
confidence 95%Sources used for this update (19)
- CNN — Americans still feel worse about the economy than at almost any point in modern history
- finance.yahoo.com — U.S. stock futures flat after soaring yields, AI jitters dent Wall St
- 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
- 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
- WSJ — U.S. Stocks Edge Lower as Consumer Confidence Sinks
- www.straitstimes.com — US consumer confidence near 12.5-year low amid labour market fears
- www.marketscreener.com — US consumer confidence near 12-1/2-year low amid labor market fears
- www.marketscreener.com — US Consumer Confidence Plunges to Lowest Level Since 2014
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