The Conference Board’s latest consumer survey showed that Americans became much more pessimistic about the US economy’s current health and the future of the job market. The monthly survey’s Consumer Confidence Index fell to a reading of 98.7 in September, down from August’s upwardly revised 105.6. That decline was worse than economists had predicted.
Peterson said the weaker-than-expected survey results “reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings — even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages.” The job market’s fate is unclear. It could continue to weaken, possibly drifting into recession territory, or it could hold steady and even accelerate.
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