NEW YORK, Sept. 29 (Xinhua) -- U.S. consumer confidence index deteriorated sharply in September, driven down by surging energy costs and persistent price pressures, according to survey results issued by The Conference Board on Tuesday.
The Conference Board Consumer Confidence Index fell 6.7 points to 81.9 in September, down from 88.6 in August, marking the lowest level since April 2014. This also marks a notable acceleration in household pessimism after two consecutive months of softening sentiment.
Both components of the index declined. The Present Situation Index, which tracks consumers' assessments of current business and labor market conditions, retreated 7.9 points to 109.3.
The Expectations Index, which measures consumers' short-term outlook for income, business and labor market conditions, dropped by 5.9 points to 63.6, marking its third consecutive monthly decline.
"The Consumer Confidence Index deteriorated notably in September, following two prior months of softening," said Dana M. Peterson, chief economist at the board.
Peterson said consumers' views of current business conditions turned negative for the first time since September 2024, while perceptions of the labor market also worsened. Looking ahead, consumers expected both business conditions and the labor market to weaken over the next six months.
Consumers also expressed growing concern about prices. References to the high cost of goods and services, particularly oil and gas, rose to new highs in September amid a surge in fuel costs, according to The Conference Board.
U.S. diesel prices hit a record average of about 6.53 U.S. dollars a gallon on Sept. 22 and remained above 6.40 dollars on Tuesday, compared with about 3.68 dollars a year earlier, according to the American Automobile Association.
On Friday, the University of Michigan Surveys of Consumers found that its Consumer Sentiment Index fell to 48.1 in September from 51.7 in August, down 7 percent month-on-month and 15 percent from January. ■
