Consumer confidence falls on dimming outlook for labor market

Consumer sentiment slumped in September for the second consecutive month, dragged down by worries about job security, price pressures and the outlook for U.S. business, the University of Michigan said Friday, describing survey results.

The university’s survey results echo those from the Conference Board and Federal Reserve Bank of New York, highlighting that faster inflation and a cooling job market are undermining consumer confidence.

“Economic sentiment declined more than expected in September largely because Americans are fearful of losing their jobs,” Navy Federal Credit Union Chief Economist Heather Long said Friday. “After months of a frozen job market with little hiring outside of healthcare, people now see more industries turning to layoffs.”

“The American consumer is feeling the squeeze from tariffs,” Long said, noting that “they are starting to see price increases on everything from food to furniture to auto repair.”

Although consumers are still spending, “they are on edge and will be ready to shut their wallets if layoffs pick up this fall and winter,” she said.

Consumer confidence falls on dimming outlook for labor market | Retail Dive

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