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.
"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.
The last time the confidence index dropped more came as inflation was just beginning a climb to what ultimately was the highest level in more than 40 years.
Persons:
Dow, Dana Peterson, Stocks, Peterson
Organizations:
Conference Board, Treasury, Federal Reserve