US Consumer Confidence Slips for Third Straight Month in September

Source: The Conference Board

US consumer confidence declined for the third straight month in September, dragged by the spread of the COVID-19 delta variant.

• The Conference Board Consumer Confidence Index stood at 109.3 in September, down from 115.2 in August. The index slipped both in July and August.
• The Present Situation Index slipped to 143.4 from 148.9 the previous month, while the Expectations Index fell to 86.6 from 92.8.
• The Conference Board Senior Director Lynn Franco attributed the decline in consumer confidence to the spread of the delta variant.
• Franco said declines were recorded in spending intentions for homes, autos, and major appliances. Concerns about the state of the economy and short-term growth prospects were also dampened.
• Compared with historical levels, consumer confidence remains high but remains 19.6 points below the 128.9 peak recorded in June.
• Franco said the continued declines indicate that consumers have grown more cautious, and are likely to tighten their belts moving forward.