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PHX VIBES > Blog > News > Americans’ job worries drags consumer confidence down
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Americans’ job worries drags consumer confidence down

PHX Team
Last updated: 2024/09/25 at 8:22 AM
PHX Team 8 months ago
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Americans’ job worries drags consumer confidence down
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Americans’ Confidence Drops as Job Concerns Rise

The latest consumer confidence index from the Conference Board reveals a decrease in Americans’ confidence, attributed to rising concerns about job security. The index, which measures both current economic conditions and future outlook, fell to 98.7 in September from 105.6 in August, marking the largest month-to-month decline since August 2021.

Despite the lower confidence levels, the survey was conducted before the Federal Reserve’s recent half-point interest rate cut, indicating that these sentiment shifts may continue in the coming months.

One key indicator of the index is Americans’ short-term expectations for income, business, and the job market, which dropped to 81.7 from 86.3 in July. A reading below 80 can suggest a potential recession on the horizon. Dana Peterson, the Conference Board’s chief economist, noted that consumers have become more pessimistic about both current and future labor market conditions.

Recent labor market data has shown a softening trend, with job numbers declining in recent months and the unemployment rate fluctuating. The Fed’s decision to cut its benchmark borrowing rate by 50 basis points was influenced by these lackluster job market conditions, along with receding inflation rates.

Looking ahead, the Fed is expected to make further rate cuts in the upcoming meetings, signaling a shift towards supporting a weakening job market. Consumers’ view of current economic conditions has also decreased, underscoring the importance of consumer sentiment in driving U.S. economic activity.

As consumer spending accounts for nearly 70% of economic activity, economists closely monitor consumer confidence levels to gauge overall economic health. The changing sentiments of Americans reflect broader economic trends that will continue to shape policy decisions and market dynamics in the months to come.

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