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Consumer confidence fell sharply in September.
The index fell to 98.7 from 105.6 in August, its biggest drop since August 2021.
Consumers' views of the economy fell by the most in more than three years in September as concerns about employment and the economy grew, the Conference Board said on Tuesday.
The committee's consumer confidence index fell to 98.7 from 105.6 in August, its biggest one-month drop since August 2021. The Dow Jones consensus forecast was 104. By comparison, the index was 132.6 in February 2020, one month before the coronavirus pandemic erupted.
Each of the five components the organization looked at performed worse that month, with the biggest drops seen among 35-54 year-olds making less than $50,000 a year.
“Consumers' assessment of the current business environment became more negative and their views of current labor market conditions further softened. Consumers also became more pessimistic about future labor market conditions and more optimistic about the future business environment and future incomes,” said Dana Peterson, chief economist at the Conference Board.
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