September 26, 2023 3:06pm EDT
US consumer confidence drops for second straight month, recession fears rise
Americans stressed over inflation, political climate and high interest rates
By Breck Dumas FOXBusiness
Consumer confidence fell again in September as Americans expressed greater concern that the economy could be headed for a recession.
The Conference Board's Consumer Confidence Index dropped to 103 this month, lower than the 105.5 reading analysts surveyed by Refinitv expected and the second straight decline following a two-and-a-half-year high of 114 in July.
Confidence remains well below a post-pandemic peak of 128.9 in June 2021, as consumers continue to grapple with high inflation, rising interest rates and recession fears.
The Expectations Index indicating consumers' short-term optimism for the economy also fell for a second straight month in September, dropping to 73.7 from 83.3 in August. Historically, when the index drops below 80, it signals a recession within the next 12 months, the think tank said.
Confidence remains well below a post-pandemic peak of 128.9 in June 2021, as consumers continue to grapple with high inflation, rising interest rates and recession fears.
The Expectations Index indicating consumers' short-term optimism for the economy also fell for a second straight month in September, dropping to 73.7 from 83.3 in August. Historically, when the index drops below 80, it signals a recession within the next 12 months, the think tank said.
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https://www.foxbusiness.com/economy/us-consumer-confidence-drops-for-second-straight-month-recession-fears-rise
