Consumer optimism slides sharply as fears escalate over rising prices and jobs
The Conference Board's Consumer Confidence Index tumbled to 81.9, a decline of 6.7 points and a reading well below the forecast for 89.
TL;DR
- Consumer sentiment fell sharply in September, with the Conference Board's Consumer Confidence Index dropping to 81.9.
- For the first time in four years, more respondents viewed their personal finances negatively compared to positively.
- Appraisals of current business conditions turned negative for the first time since September 2024.
- Concerns over inflation, particularly prices of goods, services, oil, and gas, reached new heights.
- The six-month Expectations Index slipped to 63.6.
- The differential between those reporting plentiful jobs versus hard-to-get jobs eroded to 1.7%.
- Inflation expectations rose, with average expectations at 6.1% and median expectations at 5.1%.
- The University of Michigan's consumer survey also showed a significant drop in sentiment.
- Job openings in August slightly decreased to 7.08 million.