Consumer Confidence Falls to Lowest Level Since 2014

The Conference Board's Consumer Confidence Index fell to 81.9 in September from 88.6 in August, which was itself revised from 89.4, according to data published by the Conference Board.

US consumers' confidence in the economy fell to its lowest level since 2014 in September amid concerns over inflation, energy prices and economic conditions.

Economists polled by Reuters had expected a reading of 89.2.

The September reading was the lowest since April 2014. The Present Situation Index fell 7.9 points to 109.3, while the Expectations Index declined 5.9 points to 63.6, marking its third consecutive monthly decline.

Consumers cited concerns about inflation, the cost of goods and services, and energy prices.

The Conference Board said references to prices, high costs and oil and gasoline prices increased sharply in September.

US gasoline prices also remained elevated. AAA's national average for regular gasoline was about $4.45 per gallon on Sept. 29, while the September 30 average was about $4.43, compared with roughly $3.13 a year earlier.

"Consumers' write-in responses regarding factors affecting the economy were mostly pessimistic in September," Dana Peterson, chief economist at the Conference Board, said in a statement.