The Conference Board’s September consumer confidence reading came in at 86.0, missing expectations.
Expectations were for the report to come in at 92.5, up just slightly from last month’s 92.4 reading.
This is the first decline for the reading after four straight months of gains.
The expectations component of the release fell to 83.7 from 93.1 the prior month.
Lynn Franco, Director of Economic Indicators at The Conference Board, said of the report: “Consumer confidence retreated in September after four consecutive months of improvement. A less positive assessment of the current job market, most likely due to the recent softening in growth, was the sole reason for the decline in consumers’ assessment of present-day conditions. Looking ahead, consumers were less confident about the short-term outlook for the economy and labour market, and somewhat mixed regarding their future earnings potential. All told, consumers expect economic growth to ease in the months ahead.”