US consumer confidence hits its lowest level since 2014 ahead of midterms
Summary
US consumer confidence dropped to its lowest point since 2014, mainly due to rising prices for goods and fuel. This decline comes a month before the midterm elections and after the Federal Reserve raised interest rates for the first time in three years.Key Facts
- Consumer confidence fell significantly in September according to The Conference Board.
- Higher costs for goods and services, especially gasoline prices, are the main reasons for the drop.
- The average price for a gallon of gasoline rose from $4.08 to $4.45 in one month.
- Consumer confidence dropped among all political groups in the US.
- The Federal Reserve increased interest rates earlier this month, raising borrowing costs.
- The next interest rate decision is scheduled for October 27-28.
- A recent poll shows more consumers trust Democrats over Republicans to handle the economy.
- US stock markets fell slightly at the end of the trading day, with the Nasdaq, Dow Jones, and S&P 500 all down a little.
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