Shock: Consumer Confidence Unexpectedly Plummets, Worst Decline in Three Years

[mystery-ak]

Shock: Consumer Confidence Unexpectedly Plummets, Worst Decline in Three Years

John Carney 24 Sep 2024

Consumer confidence in September suffered the worst decline in more than three years, dragged down by a weaker labor market and rising pessimism about future business conditions and incomes.

The Conference Board on Tuesday said its index of U.S. consumer confidence fell to 98.7 in January from 105.6, near the lowest of the range for the index over the past two years. Economists had expected a slight decline to 103 from the preliminary estimate of 103.3 for August.

Increasingly pessimistic expectations for the economy’s performance in the months ahead and a weaker labor market drove September’s confidence decline.

The present situation index—which is based on consumer views of current business and labor market conditions—declined sharply, falling 10.3 points to 124.3. The expectations index—which gauge the short-term outlook for income, business, and labor market conditions—fell 4.6 points to 81.7, closing in on the 80 threshold that usually signals an approaching recession.

“September’s decline was the largest since August 2021 and all five components of the Index deteriorated. Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income,” said Dana Peterson of the Conference board.

The decline in consumer confidence comes alongside a decline in business optimism reported Monday by S&P Global. Both declines have accompanied the rise of Vice President Kamala Harris in presidential election surveys.

https://www.breitbart.com/economy/2024/09/24/shock-consumer-confidence-unexpectedly-plummets-worst-decline-in-three-years/

[DefiantMassRINO]

We're entering prime Whacking Season.

This is the time of year large corporations finalize their budgets for the upcoming calendar/fiscal year and decide whom they cull from the herd.

[Smokin Joe]

We're entering prime Whacking Season.

This is the time of year large corporations finalize their budgets for the upcoming calendar/fiscal year and decide whom they cull from the herd.

It's a bloody shame government doesn't do the same.

[GtHawk]

What are they talking about, my confidence is at the highest point in years……..that everything’s going right in the crapper.

[Free Vulcan]

Looks like the Shamala economic turd polishing initiative is not going well.

[Smokin Joe]

I am confident that if that idiot gets elected, our savings will lose value faster than we can spend them.

[libertybele]

  This is a shock???   

[mystery-ak]

I just redid the main bathroom and wanted to get new kitchen countertops and sink...I better stop spending and leave my savings alone we may need it...

[DCPatriot]

I am confident that if that idiot gets elected, our savings will lose value faster than we can spend them.

My 38 year old son wondered aloud if he should invest his $30K cash savings into physical gold.

Asked him many grams or percentage of a gram scraped off with sandpaper would be a safe way to conduct business in said manner.

He laughed.  I laughed.   

[Smokin Joe]

My 38 year old son wondered aloud if he should invest his $30K cash savings into physical gold.

Asked him many grams or percentage of a gram scraped off with sandpaper would be a safe way to conduct business in said manner.

He laughed.  I laughed.   

I like 'junk silver': 90%, monetized units down to a dime (.07 oz) of silver.
Gold would be for major purchases (Land, tractor, etc. ).