U.S. Consumer Confidence Hits Seven-Month Low

Consumer confidence in the United States fell to a seven-month low in September amid concerns over the continuous rise of COVID-19 cases and higher prices.

The Conference Board’s Consumer Confidence Index went down to 109.3 in September from 115.2 in August after three months of decline, according to the think tank’s report on Sep. 28.

The September index fell by 19.6 points from the latest peak of 128.9 in June, while consumers’ assessment of current business conditions and the job market went down to 143.4 from 148.9 last month.

Lynn Franco, senior director of economic indicators at The Conference Board, said that the spread of the Delta variant dampened consumers’ outlook on the job market and their incomes.

“These back-to-back declines suggest consumers have grown more cautious and are likely to curtail spending going forward,” said Franco, adding that spending on houses and high-cost items such as vehicles and major appliances have declined.

The American economy has slowed down in the recent months due to the resurgence of COVID-19 infections, along with shortages in labor and raw materials caused by global supply chain disruptions.

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