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American consumers are feeling less confident this month as concerns about jobs rose significantly.
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month-to-month decline since August of 2021.
The survey was conducted before the Federal Reserve announced a bigger-than-expected half-point interest rate cut last week.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The measure of Americans’ short-term expectations for income, business and the job market fell to 81.7 from 86.3 in July. A reading under 80 can signal a potential recession in the near future.
Consumers’ view of current conditions fell to 124.3 in September from 134.3 last month.
Consumer spending accounts for nearly 70% of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.
