U.S. Consumer Confidence Falls to 98.7, Three-Year Low Amid Labor Market Concerns

Sep 24, 2024, 02:08 PM

U.S. consumer confidence fell significantly in September, reaching its lowest level in three years, driven by concerns over the labor market and a fresh low in the labor differential. The Conference Board reported that the consumer confidence index dropped to 98.7, below the forecast of 104 and the previous month's 103.3. This decline in confidence has impacted the markets, with the S&P 500 and NASDAQ moving lower. Despite slower overall inflation, average 12-month inflation expectations increased to 5.2% in September. The U.S. dollar index extended its decline, last down 0.24% at 100.69. Additionally, U.S. Treasury yields pared gains after the weaker-than-expected consumer confidence data, with the 10-year yield still up 3.4 basis points at 3.773%.