Financial News: U.S. Consumer Confidence Sees Notable Deterioration In Sep

U.S. Consumer Confidence Sees Notable Deterioration In September

09/24/2024 - 10:59:00 (RTTNews)

(RTTNews) - Consumer confidence in the U.S. has seen a notable deterioration in the month of September, according to a report released by the Conference Board on Tuesday.

The Conference Board said it consumer confidence index tumbled to 98.7 in September from an upwardly revised 105.6 in August. Economists had expected the index to edge down to 103.0 from the 103.3 originally reported for the previous month.

"Consumer confidence dropped in September to near the bottom of the narrow range that has prevailed over the past two years," said Dana M. 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," she added. "Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income."

The report said the present situation index, which is based on consumers' assessment of current business and labor market conditions, also plunged to 124.3 in September from 134.6 in August.

The expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, also declined to 81.7 in September from 86.3 in August.

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