Consumer confidence falls, showing largest decline in 3 years

Published On Sep 24, 2024, 12:22 PM

Consumer confidence has sharply declined in September, marking the largest drop in over three years as concerns about the labor market and the economy increase. The Consumer Confidence Index fell from 105.6 in August to 98.7 in September. The data indicates that consumers are more pessimistic about current business conditions, future income, and job prospects. Notable declines in both the present situation and future expectations indices suggest rising recession fears, although the overall belief in a recession remains relatively low. Inflation concerns also persist as consumers expect a rise in prices despite a recent easing in inflation rates.