Americans' opinion of economy drops to lowest level since 2014
Summary
Americans’ confidence in the economy dropped to its lowest point in over ten years due to high prices and slow wage growth. The Consumer Confidence Index fell in September amid rising inflation and ongoing worries about the economy.Key Facts
- Consumer confidence fell 6.7 points to 81.9 in September, the lowest since April 2014.
- Views of current economic conditions dropped by 7.9 points; future outlook fell 5.9 points.
- Inflation remains high, with the consumer price index up 3.4% compared to last year.
- Gas prices average $4.46 per gallon, contributing to rising costs for many goods and services.
- The Federal Reserve raised its interest rate to about 3.9% to help fight inflation.
- Job growth was strong in August with 162,000 new jobs, though unemployment held at 4.1%.
- Average hourly wages rose 3.1% year-over-year, the slowest increase since May 2021.
- The ongoing conflict in Iran is linked to rising energy prices and economic concerns.
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