SurveysAug 28, 2024
Consumer Confidence Rises in August Despite Labor Market WorriesSurveysSep 25, 2024
Consumer Confidence Falls in September, Labor Market Worries Persist
Respondents also showed a greater preference for buying goods over services.
The Conference Board’s consumer confidence index fell to 98.7 in September from an upwardly revised 105.6 in August.
New York—U.S. consumer confidence fell in September as consumers continued to express concerns about the job market.
The Conference Board’s monthly consumer confidence index decreased to 98.7 in September from an upwardly revised 105.6 in August.
“Consumer confidence dropped in September to near the bottom of the narrow range that has prevailed over the past two years,” said Dana M. Peterson, chief economist at The Conference Board.
“September’s decline was the largest since August 2021 and all five components of the index deteriorated. Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.”
Write-in responses about politics and the November elections remained below 2020 and 2016 levels in September.
Consumers aged 35 to 54 saw the steepest drop in confidence, making the group the least confident on a six-month moving average basis. Those under 35 remained the most confident.
By income group, consumers earning less than $50,000 saw the largest decrease in confidence. On a six-month moving average basis, consumers earning more than $100,000 remained the most confident.
“The deterioration across the Index’s main components likely reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings—even if the labor market remains quite healthy, with low unemployment, few layoffs, and elevated wages,” said Peterson.
Related stories will be right here …
The Conference Board’s monthly consumer confidence index decreased to 98.7 in September from an upwardly revised 105.6 in August.
“Consumer confidence dropped in September to near the bottom of the narrow range that has prevailed over the past two years,” said Dana M. Peterson, chief economist at The Conference Board.
“September’s decline was the largest since August 2021 and all five components of the index deteriorated. Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.”
Write-in responses about politics and the November elections remained below 2020 and 2016 levels in September.
Consumers aged 35 to 54 saw the steepest drop in confidence, making the group the least confident on a six-month moving average basis. Those under 35 remained the most confident.
By income group, consumers earning less than $50,000 saw the largest decrease in confidence. On a six-month moving average basis, consumers earning more than $100,000 remained the most confident.
“The deterioration across the Index’s main components likely reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings—even if the labor market remains quite healthy, with low unemployment, few layoffs, and elevated wages,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 124.3 in September from 134.3 in August.
Consumers’ assessments of current business conditions were more negative in September and their view of the labor market weakened.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 81.7 from an upwardly revised 86.3 in August.
It remained above 80, said the Conference Board, noting a reading below 80 normally signals a recession in the near future.
Consumers were less optimistic about business conditions in September, while their outlook on the labor market and their income prospects were also more pessimistic.
They also were less optimistic about their family’s current and future financial situation, a measure not included when calculating the Present Situation and Expectations Index.
The “Consumers’ Perceived Likelihood of a U.S. Recession over the Next 12 Months” metric was higher in September but well below the May 2020 peak.
“The proportion of consumers anticipating a recession over the next 12 months remained low but there was a slight uptick in the percentage of consumers believing the economy was already in [a] recession,” added Peterson.
Consumer plans to buy big-ticket appliances were mixed, and plans to buy a smartphone or a laptop/PC in the next six months eased.
On a six-month moving average basis, purchasing plans for homes and new cars did improve slightly.
When consumers were asked about plans to buy more goods or services over the next six months, consumers showed a slightly greater preference for purchasing goods.
There was a new question about services in this month’s survey, which showed consumers were still interested in traveling and dining out in September.
Though consumers were still interested in streaming entertainment at home, interest in going to the movies rose in recent months.
Planned spending for non-discretionary services like health care and utilities was also strong over the next 6 months.
Editors' Picks
Sponsored by
More on Surveys
The Latest
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
