The Conference Board, Inc., a New York City-headquartered 501 non-profit business research group having had over a 1,000 public and private member organizations, said on Tuesday that its index for US Consumer Confidence had tumbled to a seven-month low in September, as a persistent flare-up in delta cases alongside a slower-than-expected recovery in labour market had dampened the economy’s near-term growth outlooks, pointing towards a perilous slowdown in economic growth over Q3, 2021 as several analysts had projected.
Aside from that, other economic data released earlier in the day had revealed that US goods’ trade deficit rose 0.9 per cent to $87.6 billion in August, while wholesale inventories climbed 1.2 per cent and retail stocks grew by 0.1 per cent.
Nevertheless, in what could be contemplated as a contemptuous sign of a steep reversal in economic growth following a robust second-quarter, the Conference Board, Inc’s survey unfurled that US consumers were less interested to purchase high-priced stuffs such as big-ticket household appliances and motor vehicles over next six months, while consumers’ insight on a gradually healing US labour market was largely mithered.
If truth is to be spoken, a roaring US economy had faced off a flurry of hindrances over third quarter, as pandemic associated stimulus had faded away and number of delta cases had picked up, compounding narratives further for an economy what has been already plagued with labour and raw material shortage.
US Consumer Confidence hits seven-month low
According to the New York City-based business research group’s statement, the Conference Board, Inc’s index for US Consumer Confidence dipped to a reading of 109.3 compared to a 115.2 a month earlier, remarking a third straight month of decline and the lowest level since February this year.
Meanwhile, addressing to consumers’ wariness over US economy, a senior director of economic indicators at the Conference Board in Washington, Lynn Franco said, “These back-to-back declines suggest consumers have grown more cautious and are likely to curtail spending going forward”.