US consumer confidence sinks to 12-year low over inflation, stagnant wages
Americans’ confidence in the economy sank to the lowest level in more than a decade this month as prices remain elevated and wages stagnate amid the ongoing Iran war. The Conference Board said Tuesday that its consumer confidence index tumbled 6.7 points to 81.9 in September, down from 88.6 in August. That is the lowest reading in the board’s survey since April 2014 and below the lowest level…
Americans' confidence in the economy plummeted to a 12-year low in September, driven by persistently high inflation and stagnant wages, according to the latest consumer confidence index released by the Conference Board. The index, which fell by 6.7 points to 81.9, marks the lowest reading since April 2014 and is the most pessimistic since the pandemic began.
Respondents' outlook for both the present and the near future declined significantly, with views of current business conditions becoming negative for the first time since September 2024. The decline in confidence has prompted concerns about the impact on President Donald Trump and Republican candidates ahead of the midterm elections.
The deterioration in consumer sentiment is compounded by the ongoing Iran war, which has exacerbated inflationary pressures. Despite five years of elevated inflation, consumer confidence continues to wane, potentially posing a risk to Trump's administration and Republican prospects in the upcoming elections.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
