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24.09.2024

U.S. consumer confidence declines more than anticipated in September

The Conference Board reported on Tuesday its U.S. consumer confidence index dropped 6.9 points to 98.7 in September from an upwardly revised 105.6 (from 103.3) in August. That represented the largest fall since August 2021. 

Economists had anticipated the consumer confidence index to decrease to 103.8.

The details of the survey revealed that the September drop in the headline index reflected declines in both the present situation index (-10.3 points to 124.3 this month) and the expectations index (-4.6 points to 81.7).

Commenting on the results of the last survey, Dana M. Peterson, Chief Economist at The Conference Board, noted that consumer confidence dropped in September to near the bottom of the narrow range that had prevailed over the past two years. “Consumers' assessments of current business conditions turned negative while views of the current labour market situation softened further,” she said, adding that consumers were also more pessimistic about future labour market conditions and less positive about future business conditions and future income.

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