US consumer confidence near 12-1/2-year low as labor market fears grow
SPY•The Conference Board’s US consumer confidence index fell 6.7 points to 81.9 in September, its lowest level since April 2014. August job openings fell by 256,000 to 7.079 million, while single-family home prices rose 2.6% year over year in July.
1. Confidence falls sharply
The Conference Board’s consumer confidence index dropped 6.7 points to 81.9 in September, its lowest level since April 2014 and below economists’ forecast of 89.2. Confidence deteriorated across political affiliations, age groups and income groups. Consumers were more likely to say jobs were hard to get, while the share saying jobs were plentiful fell to its lowest level since February 2021.
2. Job openings decline
A Labor Department report showed job openings fell by 256,000 to 7.079 million by the last day of August, below economists’ forecast of 7.225 million. There were 1.01 openings for every unemployed person, down from 1.06 in July. Hires increased by 46,000 to 5.192 million, while layoffs and discharges fell by 61,000 to 1.641 million.
3. Home prices rise
Single-family home prices increased 0.3% in July after being unchanged in June, and were up 2.6% from a year earlier. The average rate on a 30-year fixed-rate mortgage was 7.03% last week, the highest since January 2025, data from Freddie Mac showed.
