New 12-year low in consumer confidence
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Americans are becoming markedly less confident in the economy, new data out this morning shows — while a separate report points to the job market remaining in solid shape.
Driving the news: The Conference Board's long-running consumer confidence survey showed a steep drop in September, the latest evidence that Americans are deeply dissatisfied with the economy.
- The overall index fell by 6.7 points, to 81.9, the lowest since 2014, reflecting drops in both survey respondents' assessment of current conditions and their outlook for the future.
What they're saying: "References to prices, the high cost of goods and services, and oil and gas in particular, rose to new heights, reflecting September's surge in fuel costs," Conference Board chief economist Dana Peterson wrote.
- "Consumers also frequently cited politics, trade and employment in their write-in responses," she noted.
Yes, but: It came alongside further evidence that the U.S. labor market is in solid shape. Hiring ticked up, while the number of job openings ticked down in August, according to new government data.
- The latest Job Openings and Labor Turnover Survey data from the Bureau of Labor Statistics shows a drop of 256,000 in the number of job openings, bringing the rate of openings back to June's level.
- But employer hiring rose by 46,000, causing the hiring rate to edge up.
- The number of layoffs remained historically low, falling by 61,000, consistent with other evidence of rock-bottom layoff rates seen in new jobless claims.
The bottom line: The job market is doing fine, but Americans hate this economy anyway.
