US consumer confidence low The numbers: Consumer confidence fell in September to a three-month low ahead a pivotal U.S. election whose outcome could hinge on which presidential candidate voters think will do a better job on the economy.
The index of consumer confidence sank to 98.7 this month from a revised 105.6 in August the Conference Board said Tuesday.
Economists polled by the Wall Street Journal had forecast the index to rise to 104.0.
Americans were more worried about the jobs market in light of a steady rise in unemployment and greater difficulty in finding work.
Consumer confidence tends to signal whether the economy is getting better or worse. The gauge of consumers is well below the 128 monthly average in the last year before the onset of the pandemic in 2020.
Key details: A measure that looks at how consumers feel about the economy right now tumbled 10 points to 124.3, marking the lowest level since March 2021.
Americans were more anxious about the availability of jobs, business conditions and future incomes.
Unemployment has risen steadily since the spring of 2023 to a more than three-year high of 4.2%. Job openings and the number of people being hired have also declined sharply.
A confidence gauge that looks ahead six months, meanwhile, slipped to 81.7 in September.
Still, the so-called expectations index has been above the key 80 level that typically signals recession for three months in a row.
Big picture: The economy is on track to expand at a seemingly very health 3% or so pace in the third quarter ending in September. Yet enough cracks have begun to show that the Federal Reserve cut interest rates last week for the first time since the pandemic.