The board’s Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021.
By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit.
Each of the five components the organization samples fared worse on the month, with the biggest fall coming among those aged 35-54 and earning less than $50,000.
“Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further.
Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income,” said Dana Peterson, chief economist at The Conference Board.
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