rki.news | Sources Xinhua / Conference Board
Washington: US consumer confidence fell sharply in September, reaching its lowest level since 2014, according to data released by the Conference Board.
The organization’s consumer confidence index dropped 6.7 points to 81.9, compared with 88.6 in August. Chief Economist Dana M. Peterson said confidence deteriorated notably after weakening during the previous two months.
Consumers increasingly cited prices, high costs for goods and services, and fuel prices as concerns affecting the economy. References to politics, trade and employment also remained present, while concerns about war and conflict eased somewhat but stayed elevated.
Economist Dean Baker, co-founder of the Center for Economic and Policy Research, described the report as particularly negative, saying both current conditions and future expectations had weakened.
Inflation expectations also increased. Consumers’ average 12-month inflation outlook rose 0.3 points to 6.1 percent, while the median expectation reached 5.1 percent.
The share expecting higher interest rates over the next year climbed 5.2 points to 68.4 percent. Meanwhile, consumers’ assessments of their current family finances turned negative, while concerns about a possible US recession increased.
Confidence weakened across most age and income groups during September.
US Consumer Confidence Falls to Lowest Level Since 2014
