the staff of the Ridgewood blog
Ridgewood NJ, consumer confidence plummeted in September, marking the sharpest decline in over three years as Americans express growing concerns about the economy, particularly the labor market. According to data released by The Conference Board on Tuesday, the Consumer Confidence Index fell to 98.7 this month, a significant drop from August’s revised figure of 105.6.
This decline is the largest since August 2021, signaling growing unease about the state of the economy. Dana Peterson, chief economist at The Conference Board, highlighted that all five components of the Index worsened. “Consumers’ assessments of current business conditions turned negative, while views on the labor market situation also softened,” she said.
The Present Situation Index, which reflects consumers’ perceptions of business and labor market conditions, dropped over 10 points to 124.3. Meanwhile, the Expectations Index, which captures consumers’ short-term outlook, fell by 4.6 points to 81.7. Notably, when the Expectations Index dips below 80, it often signals an impending recession.
Despite recent progress in inflation control, with rates easing to their lowest level in three years, consumer inflation expectations have surged. The average 12-month inflation expectation rose to 5.2%, with respondents in the survey consistently mentioning concerns over inflation and rising prices.
Peterson noted that the decline in confidence likely stems from concerns about the labor market, such as reduced working hours, slower payroll growth, and fewer job openings. However, she added that the labor market remains relatively strong, with low unemployment and steady wages.
While the number of people expecting a recession in the next 12 months remains low, there was a slight increase in those who believe the economy is already in recession. This growing pessimism could have a profound impact on consumer behavior and economic forecasts in the months ahead.
As Americans continue to navigate economic uncertainties, it’s clear that the ripple effects of labor market concerns and inflation are shaping the overall economic outlook.
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This corrupt administration everything gets revised!, why? They fudge the numbers to give a positive impression! Get ALL these assholes out of office VOTE to save America and your family. GOD bless America!
America is gone my friend. Look around RW. Countless harris/walz signs in private lawns. If it would be allowed, the whole downtown would have their signs everywhere too. You have supposedly high IQ people voting in unison for clueless political clowns (this time it will be more than 70% blue). Adjust your expectations
If we are talking Ridgewood politics too then you have to give high marks to the worst mayor and biggest liar, a failed first mayor and if he gets re-elected he will be a two time loser. It is only a matter of time. If he can’t finger point at other people to assign blame, then he doesn’t know what to do. He has his boy Kazmark marching like a soldier but anyone associated with this guy is going to end up like a piece of ripe stinky cheese that has been left out in the sun too long.