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US consumer confidence plunges to 12-year low
The Conference Board's US Consumer Confidence Index fell 6.7 points to 81.9 in September, its lowest reading since 2014, amid elevated prices and weakening labor-market perceptions.
Why it matters
The Conference Board said Tuesday that its Consumer Confidence Index plunged 6.7 points to 81.9 in September, down from 88.6 in August. It is the lowest reading since April 2014 — lower than any level recorded during the pandemic — and well below economists' forecasts of about 89.
Consumers' assessment of current business conditions turned negative for the first time since September 2024, and perceptions of the labor market also worsened. The Expectations Index, based on the short-term outlook for income, business and labor conditions, fell 5.9 points to 63.6.
Full report
"References to prices, the high cost of goods and services, and oil and gas prices in particular, rose to new heights, reflecting September's surge in fuel costs," said Dana M. Peterson, the Conference Board's chief economist. Consumers' average 12-month inflation expectations jumped to 6.1%.
The labor market differential — the share saying jobs are "plentiful" minus those saying jobs are "hard to get" — fell 2.5 percentage points to 1.7%. The survey was conducted September 1–23.
Separately, the Labor Department reported last week that the consumer price index rose 3.4% year over year, with costs up 0.4% month to month as gasoline and energy prices climbed.
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