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American consumer confidence fell sharply this month to its lowest point since April.
This sharp drop was driven by increased consumer concern over current business and employment market conditions, along with heightened anxiety about future economic prospects.
The decline was evident across all five components of the overall index.
Consumers expressed less optimism about their present situations and became significantly more pessimistic about business and labour market conditions six months ahead, with expectations for household income shrinking “dramatically.”
Key concerns cited by consumers included persistent inflation, the impact of tariffs and trade issues, and political factors, including increased mention of the recent 43-day federal government shutdown.
Reflecting this caution, consumers also reduced their plans for purchasing big-ticket items and services over the next half-year.
