United States: Consumer confidence retreats in September
September 30, 2014
The Conference Board consumer confidence index dropped to 86.0 points in September from a revised 93.4 points in August (previously reported: 92.4 points). The reading undershot market expectations of a fall to 92.5 points, and marked the first decline after four consecutive monthly gains. The result also represented the largest loss in 11 months.
September’s decline in confidence was driven by a steep drop in consumers’ expectations regarding their personal finances over the next six months and their outlook on the future job market. Consumers also had less positive assessments of current economic conditions.
The director of the Board explained that, “looking ahead, consumers were less confident about the short-term outlook for the economy and labor market, and somewhat mixed regarding their future earnings potential. All told, consumers expect economic growth to ease in the months ahead.”
Author: Carl Kelly, Economist