Key Takeaways
\nThe Consumer Confidence Index declined in September to its lowest level in five months.Consumer assessments of business conditions fell amid rising worries about the job market after recent reports showed that employers have slowed hiring.Consumers also expressed more concern about inflation, even as their expectations for price increases declined.<\/p>\n
The job market is slowing and Americans are paying attention.\n<\/p>\n
The Consumer Confidence Index fell by nearly four points to 94.5 in September, the lowest reading since April, amid weakening perceptions of the labor market, according to a report released Tuesday by the Conference Board<\/a>. The Present Situation Index, which measures consumers’ views of current labor market and business conditions, dropped 7 points in September, hitting its lowest level in a year.\n<\/p>\n \u201cConsumers\u2019 assessment of business conditions was much less positive than in recent months, while their appraisal of current job availability fell for the ninth straight month to reach a new multiyear low. This is consistent with the decline in job openings,\u201d said Stephanie Guichard, senior economist of global indicators at the Conference Board.\u00a0\n<\/p>\n Why This Matters to You<\/p>\n Surveys such as these are an important measure of how consumers view their economic situation and provide an indication of how likely they are to continue spending on good and services. Consumer spending<\/a> underpins the strength of the U.S. economy.<\/p>\n Confidence Declines as Job Market Weakens <\/p>\n Recent labor market data, including today\u2019s release of the jobs opening report<\/a>, has shown that employers have slowed their hiring, The August jobs report<\/a> released earlier in the month showed that employers added an anemic 22,000 positions in the month, while revisions showed the economy lost jobs in June.\u00a0<\/p>\n