U.S. consumer confidence fell in September for a third consecutive month, signaling concerns over the delta variant and higher prices continuing to dim sentiment.
- The Conference Board’s index dropped to 109.3 from a revised 115.2 reading posted in August.
- The data implies that the spread of the delta variant continues to dampen consumers’ outlook of the economy and cutting spending on services. At the same time, Americans are paying more prices for household goods, further dimming sentiment.
- Lynn Franco, senior director of economic indicators at the Conference Board, stated that consumer confidence fell in September as the spread of the delta variant continued to hurt optimism.
- Franco stated that the concerns about the state of the economy and short-term growth prospects increased while spending intentions for homes, autos, and significant appliances slowed down again.
- The Conference Board’s current conditions index declined to 143.4, a five-month low, as the group’s expectations index fell to the lowest since November.
Consumers also had low optimism about their future income and ability to secure quality jobs. The proportion of consumers who stated that jobs were “plentiful” soared to a record 55.9%.
DXY +0.33%, EUR USD -0.11%Source: The Conference Board
