CB Consumer Confidence Drops To 98.7, Missing Analyst Expectations

On September 24, 2024, The Conference Board released CB Consumer Confidence report for September. The report indicated that CB Consumer Confidence declined from 105.6 in August to 98.7 in September, compared to analyst consensus of 103.8.

The report showed that the drop in confidence was steepest for consumers aged 35 to 54. Confidence declined across most income groups, and consumers earnings less than $50,000 experienced the largest decrease.

Present Situation Index declined from 134.6 in August to 124.3 in September, while Expectations Index pulled back from 86.3 to 81.7.

The Conference Board commented: “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.”

U.S. Dollar Index tested session lows as traders reacted to the weaker-than-expected CB Consumer Confidence report. Currently, U.S. Dollar Index is trying to settle below the 100.60 level.

Gold tested new highs at $2640 as traders focused on U.S. dollar’s pullback. From a big picture point of view, gold traders remain bullish amid rising geopolitical tensions.

SP500 pulled back towards the 5720 level after the release of CB Consumer Confidence data. Stock traders are worried about the potential slowdown of the economy and continue to take profits near all-time highs.

For a look at all of today’s economic events, check out our economic calendar.