September consumer confidence came in at 39.8 versus the expectation for 46.
This is the lowest reading since March 2009.
“Consumer confidence is now back to levels last seen during the 2008-2009 recession. Consumer expectations, which had improved in September, gave back all of the gain and then some, as concerns about business conditions, the labour market and income prospects increased,” said The Conference Board’s Lynn Franco. “Consumers’ assessment of present-day conditions did not fare any better. The Present Situation Index posted its sixth consecutive monthly decline, as pessimism about the current economic environment continues to grow.”
From the press release:
Consumers’ appraisal of present-day conditions deteriorated further in October. Those claiming business conditions are “bad” increased to 43.7 per cent from 40.5 per cent, while those claiming business conditions are “good” decreased to 11.0 per cent from 12.1 per cent. Consumers’ assessment of the labour market was also less favourable. Those claiming jobs are “plentiful” decreased to 3.4 per cent from 5.6, however, those saying jobs are “hard to get” decreased to 47.1 per cent from 49.4 per cent.
Consumers’ short-term outlook, which had improved last month, reversed course in October. Those expecting business conditions to improve over the next six months decreased to 9.1 per cent from 11.8 per cent, while those expecting business conditions to worsen edged down to 21.5 per cent from 21.9 per cent.
Consumers’ outlook for the job market was slightly more pessimistic. Those anticipating more jobs in the months ahead edged down to 11.3 per cent from 11.9 per cent, while those expecting fewer jobs decreased to 27.4 per cent from 28.6 per cent. The proportion of consumers anticipating an increase in their incomes declined to 10.3 per cent from 13.5 per cent.
Bad news continues to pile on today.