Consumer confidence in the economy fell to the lowest level in more than a decade, according to an index published monthly by the Conference Board.
People feel even worse about the economy than they did during the coronavirus pandemic, according to the measurement, amid stubbornly high gas prices and wages that have not kept up with inflation.
Despite a relatively stable labor market and overall economic growth, Americans are frustrated with rising prices for gas and groceries. The country’s war in Iran and its ongoing trade battles with close allies, including Canada, are adding to the wariness.
Despite their dreary feelings toward the economy, consumer spending has stayed fairly resilient, though savings rates have decreased.
“With high gasoline prices weighing on both consumer’s real disposable income and their confidence, we expect the pace of spending to slow over the next few quarters,” Oxford Economics economist Grace Zwemmer said in an emailed statement.
The consumer confidence number fell more than six points between August and September.
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