US consumer confidence hits its lowest level since 2014 ahead of midterms
Rising goods and fuel costs are cited as key factors in the sharp drop in consumer confidence.
The U.S. consumer confidence index plummeted in September to its lowest point since 2014, according to a crucial report released on Tuesday. The Conference Board's survey revealed a drop of 6.7 points to 81.9, highlighting the economic strain faced by American households. This decline comes as the nation approaches crucial midterm elections in November, where Democrats aim to reclaim control of Congress from President Donald Trump's Republican Party.
Dana Peterson, the chief economist at the Conference Board, noted that consumers' outlooks were predominantly negative in September. The primary concerns expressed by respondents centered on the high cost of living, with references to prices, the expense of goods and services, and notably, oil and gas prices reaching unprecedented levels. This sentiment mirrors the surge in fuel costs experienced in September, driven by the escalation of the Iran war initiated by President Trump and his ally, Israel.
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- US consumer confidence sinks to lowest level since 2014 koreatimes.co.kr
- Consumer confidence drops to lowest level in more than a decade thehill.com
