US Consumer Confidence Hits Four-Month Low, Raising Recession Concerns

US consumer confidence dropped to its lowest level in four months in September, as rising gas prices and high interest rates contributed to greater economic uncertainty. The Conference Board's Consumer Confidence Index fell for a second consecutive month, reflecting concerns about rising prices, the political situation, and higher interest rates. The decline in consumer confidence was evident across all age groups, and notably among consumers with household incomes of $50,000 or more. The business organization's "Expectations Index" also fell, indicating less confidence about future business conditions, job availability, and incomes. These factors, along with still-high inflation and mounting credit card debt, are expected to lead to a pullback in consumer spending in the fourth quarter.