US Consumer Confidence Hits Near 12-½-Year Low Amid Labor Market Fears

US consumer confidence has hit a near 12-½-year low in September, according to The Conference Board survey. This decline mirrors other polls showing growing disenchantment over the economy ahead of the November 3 midterm elections.

The current business and labor market conditions are expected to deteriorate over the next six months due to the Middle East conflict and rising interest rates.

Households have been stung by higher energy prices, which has fueled inflation and prompted the Federal Reserve to raise interest rates for the first time in three years in September.

The Conference Board's consumer confidence index plummeted 6.7 points in September to 81.9, its lowest level since April 2014. Economists had forecast a higher reading of 89.2.