U.S. consumer confidence took a sharp dive in September, driven by rising concerns over job security and a softening labor market.
The Conference Board reported on Sept. 24 that its consumer confidence index fell to 98.7, down from a revised 105.6 in August, marking the steepest drop in just over three years.
In this month’s index, all five components—current business and employment conditions, future business and job market expectations, and income outlook—deteriorated, reflecting widespread consumer pessimism.
“Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further,” Dana Peterson, chief economist at The Conference Board, said in a statement. “Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.”…