U.S. consumer confidence touches seven-month low in September

Consumer confidence in the United States plummeted to a seven-month low in September. This was attributed to increasing concerns on the economy’s near-term prospects as COVID-19 cases continue to rise. Economic growth was, in turn, expected to slow down this quarter.

The consumer confidence index fell to 109.3 this month from 115.2 in August. It declined for three consecuive months, touching the lowest level since February.

It dropped 19.6 points from a peak of 128.9 in June.

Consumers are less interested in buying a home and big-ticket products like cars and household appliances in the next six months, according to a study released by the Conference Board on Tuesday. Consumers were also less optimistic about the labor market than they had been the previous month.

Economic activity has slowed in recent months as the boost from pandemic relief money faded and COVID-19 infections flared again.