Consumer Confidence dropped 4.7 points in September to 48.5. This is the lowest reading since February 2010. The below consumer confidence chart graphs out the increasing American dissatisfaction with the economy.
The Conference Board Consumer Confidence Index®, which had improved in August, retreated in September. The Index now stands at 48.5 (1985=100), down from 53.2 in August. The Present Situation Index decreased to 23.1 from 24.9. The Expectations Index declined to 65.4 from 72.0 last month.
Current conditions weakened by for anyone in reality these days it is the job market which is causing the pessimism.
Consumers’ appraisal of the labor market was also less favorable. Those claiming jobs are “hard to get” rose to 46.1 percent from 45.5 percent, while those stating jobs are “plentiful” decreased to 3.8 percent from 4.0 percent.
So, while people cannot identify Oklahoma on a map, they at least know there are no jobs out there.
Consumers are also more pessimistic about future employment prospects. Those expecting more jobs in the months ahead remained essentially unchanged at 14.5 percent in September, compared to 14.7 percent in August. However, those anticipating fewer jobs increased to 22.7 percent from 19.6 percent. The proportion of consumers expecting an increase in their incomes declined slightly to 10.2 percent from 10.6 percent.