(Sept 29): US consumer confidence fell in September to the lowest level since 2014 as pessimism grew about the economy and the labour market.

The Conference Board’s gauge of confidence decreased 6.7 points to 81.9 after a downward revision to the prior month, data released Tuesday showed. The median estimate in a Bloomberg survey of economists was 89.

An indicator of present conditions dropped nearly eight points to the lowest since 2021, and a measure of expectations for the next six months declined to a more than one-year low.

The report illustrates persistent anxiety about the cost of living, including high petrol prices. Inflation concerns notwithstanding, consumer spending and the labour market have proved resilient. Friday’s jobs report is expected to show hiring remained solid in September.

The war in Iran has pushed petrol prices consistently over US$4 a gallon, according to American Automobile Association data. US retail diesel prices are near record levels and the cost of heating oil has jumped ahead of winter.

“Consumers’ write-in responses regarding factors affecting the economy were mostly pessimistic in September,” Dana Peterson, chief economist at the Conference Board, said in a statement. “References to prices, the high cost of goods and services, and oil and gas prices in particular, rose to new heights.”

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