Consumer confidence sees largest decline in more than three years

Published On Sep 24, 2024, 11:10 AM

Consumer confidence in the U.S. saw a major decline in September, dropping to an index reading of 98.7 from 105.6 in August, marking the biggest drop since August 2021. This decline comes amidst concerns about a cooling labor market and rising unemployment, which has increased to 4.2%. Consumers are increasingly viewing jobs as harder to get, leading to a pessimistic outlook on future labor and business conditions. Despite this decline, consumer spending has remained resilient, based on recent economic behavior.