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American consumers are feeling less confident as concerns about jobs take center stage

American consumers are feeling less confident this month and concerns about jobs rose significantly

Matt Ott
Tuesday 24 September 2024 15:12 BST

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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 Americansā€™ assessment of current economic conditions and their outlook for the next six months.

The measure of Americansā€™ 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.

Consumersā€™ 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.

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