New York, Sept 24, 2019 — U.S. consumer confidence fell by the most in nine months in September, far more than expected, as Americans’ economic outlooks darkened in the face of the U.S.-China trade war, according to a private sector report released on Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes fell to 125.1, from an downwardly revised 134.2 the month before.
The 49 economists polled by Reuters had expected a reading of 133.5. September’s reading marked the largest shortfall relative to Wall Street’s expectations since 2010.
“The escalation in trade and tariff tensions in late August appears to have rattled consumers,” Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement.
The reading for the month prior was revised down to 134.2 from 135.1.
The expectations index – based on consumers’ short-term outlook for income, business and labor market conditions – declined to 95.8 in September from 106.4 last month.