Consumer confidence in the United States falls to a seven-month low, sending stocks tumbling.
According to a report released Tuesday by The Conference Board, consumer confidence in the United States fell to a seven-month low in September, falling to 109.3 from 115.2 in August.
The Present Situation Index dropped to 143.4 from 148.9. The Expectations Index dropped from 92.8 to 86.6, as well.
Wall Street indices fell on Tuesday as a result of the news, which was accompanied by a rise in Treasury yields.
The Dow Jones Industrial Average was down 1.24 percent at 34,435.78, the S&P 500 was down 1.74 percent at 4,365.75, and the Nasdaq was down 2.51 percent at 14,593.71.
Consumer confidence in the United States has dropped to a seven-month low (September)
“Delta variant & inflation” were the official reasons.
Americans are well-versed in the subject. We have a president and a vice president who are absolutely out of touch and look to be intentionally working to bring our country down.
People still can’t decide whether to insert the chip or touch their credit cards while checking out, causing consumer confidence to plummet to 7-month lows in the United States.
Consumer confidence in the United States has dropped for the third month in a row as inflation continues to rise. It will be fascinating to watch how much (if at all) the rise in yields affects investor sentiment. #TINA #TINA #TINA #TINA #TINA #TINA #TINA N.B. Conference Board led $SPX with r2 =0.935 pic prior to #Covid liquidity injection. twitter.com/kqAsq7R3op
The fall, according to Lynn Franco, senior director of economic indicators at The Conference Board, is mostly due to fears about the Delta variant, as well as concerns about the economy and short-term growth. The desire to purchase a home, a car, or a large appliance is waning.
“Short-term inflation fears have subsided slightly, but they remain significant. Consumer confidence is still high by historical standards, which should sustain continued growth in the near term, although the Index has dropped 19.6 points from its recent high of 128.9 in June. These consecutive declines indicate that customers have become more cautious and are likely to reduce spending in the future,” Franco added.
Consumers’ perceptions of current business circumstances deteriorated in September, with 19.3 percent rating them as “good,” down from 20.2 percent in August, and 25.4 percent rating them as “poor,” up from 24.1 percent in August.
Consumer confidence in the United States was 109.3 in September, compared to 114.5 predicted. https://t.co/dFTnDRkOuh
Consumers have mixed feelings about the present labor market, with 55.9% saying jobs are “abundant,” up 1.3 percent since August, and 13.4% saying jobs are “hard to come by,” up from 11.2 percent.
Consumers’ confidence in the. Brief News from Washington Newsday.