The Consumer Confidence Index was 98.7 in September, down from an upwardly revised 105.6 in August, the Conference Board said today. The present situation index — based on consumers’ assessment of current business and labor market conditions — fell by 10.3 points to 124.3. The expectations index—based on consumers’ short-term outlook for income, business and labor market conditions—declined by 4.6 points to 81.7.
“Consumer confidence dropped in September to near the bottom of the narrow range that has prevailed over the past two years,” said Dana Peterson, chief economist at the Conference Board. “September’s decline was the largest since August 2021 and all five components of the Index deteriorated. 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.”
