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Consumer Confidence Falls to Lowest Level Since 2014
The Conference Board said households grew more pessimistic about jobs and inflation, with the Expectations Index falling 5.9 points to 63.6.
On Tuesday, The Conference Board reported the Consumer Confidence Index fell 6.7 points to 81.9 in September, marking the lowest level in more than 12 years.
Consumers reported deteriorating views on current business and labor market conditions, with write-in responses citing "high cost of goods and services" and oil prices, according to Dana Peterson, Chief Economist at The Conference Board.
The Present Situation Index retreated 7.9 points to 109.3, while The Expectations Index slipped 5.9 points to 63.6, its third consecutive monthly decline.
With 68.4% of consumers anticipating higher interest rates over the next 12 months, inflation expectations rose sharply, and net views of family finances turned negative for the second time in four years.
Concerns over a potential United States recession intensified as 25.4% of consumers expected worsening business conditions, reflecting broader uncertainty amid ongoing geopolitical tensions and the Federal Reserve's recent interest rate hike.