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US Consumer Confidence news
US consumer confidence unexpectedly fell in September by the most in three years on concerns about the labor market and the outlook for the broader economy.
The Conference Board’s gauge of sentiment decreased 6.9 points to 98.7, the biggest drop since August 2021, data out Tuesday showed. The figure was below all estimates in a Bloomberg survey of economists.
A measure of expectations for the next six months declined in September to 81.7, while present conditions dropped to 124.3.
The recent slowdown in the labor market, alongside persistently high costs of living, is weighing on consumer confidence, keeping the gauge well below pre-pandemic levels. Details of the report mirror concerns about the job market that led to the Federal Reserve’s decision to cut interest rates by 50 basis points last week.
The Conference Board’s gauge of sentiment decreased 6.9 points to 98.7, the biggest drop since August 2021, data out Tuesday showed. The figure was below all estimates in a Bloomberg survey of economists.
A measure of expectations for the next six months declined in September to 81.7, while present conditions dropped to 124.3.
The recent slowdown in the labor market, alongside persistently high costs of living, is weighing on consumer confidence, keeping the gauge well below pre-pandemic levels. Details of the report mirror concerns about the job market that led to the Federal Reserve’s decision to cut interest rates by 50 basis points last week.
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