US consumer confidence plunges in September
[NEW YORK] US consumer confidence fell by the most in nine months in September, far more than expected, as Americans' economic outlooks darkened in the face of the US-China trade war, according to a private sector report released on Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes fell to 125.1, from an downwardly revised 134.2 the month before.
The 49 economists polled by Reuters had expected a reading of 133.5. September's reading marked the largest shortfall relative to Wall Street's expectations since 2010.
"The escalation in trade and tariff tensions in late August appears to have rattled consumers," Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement.
The reading for the month prior was revised down to 134.2 from 135.1.
The expectations index - based on consumers' short-term outlook for income, business and labour market conditions - declined to 95.8 in September from 106.4 last month.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
France to trim benefits for jobless as debt pressure mounts
UK Tories pledge to bring back national service for 18-year-olds
South Korea, China agree to launch diplomatic and security dialogue
Chinese military drills around Taiwan have ended: state media
Are these drones too Chinese to pass US muster in an anti-China moment?
The increasing Trumpification of TikTok