US Consumer Confidence Drops Sharply Amid Job Market Concerns

The largest decline in three years reflects growing pessimism about labor market stability and future economic conditions.

The Conference Board's Consumer Confidence Index fell to 98.7 in September from 105.6 in August, marking the steepest drop since August 2021.
Concerns about the labor market, including fewer job openings, slower payroll increases, and reduced working hours, are major factors behind the decline.
The Federal Reserve recently cut interest rates by 50 basis points to support the job market, but the effects are not yet reflected in consumer sentiment.
Inflation expectations among consumers have risen to 5.2% over the next year, despite recent declines in actual inflation rates.
The drop in confidence was most pronounced among those aged 35-54 and individuals earning less than $50,000 annually.