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