Washington:US consumer confidence dropped in September to its lowest level since 2014, reflecting worsening views on the economy and the labor market.
According to Emirates News Agency, the Conference Board reported a decline in its confidence gauge by 6.7 points to 81.9, following a downward revision of the previous month's data.
The report highlighted that consumers cited increasing costs for goods and services as the main reason for the decline. Dana M Peterson, chief economist at the Conference Board, emphasized the notable deterioration of the Consumer Confidence Index in September after two months of prior weakening.
Higher fuel prices were specifically mentioned by consumers as a significant factor affecting confidence. The American Automobile Association (AAA) reported that the average price for a gallon of gasoline rose by 37 cents over the past month, reaching $4.45 compared to $4.08 a month earlier.
Peterson also noted that consumer write-in responses were predominantly pessimistic, with many references to escalating prices, particularly in goods, services, and oil and gas.