Brief
US consumer confidence hits decade low as job market shows mixed signals
Confidence surveys show Americans are uneasy about jobs and the economy despite steady hiring numbers.
By Felo News Desk · Published
The Conference Board reported that U.S. consumer confidence slipped to its lowest level in more than ten years in September, even as the Labor Department’s September job report is expected to show solid hiring.
What happened
Forecasters surveyed by FactSet anticipate that employers added about 90,000 jobs in September and that the unemployment rate held at 4.1%. Layoffs remain rare, and most workers enjoy job security, according to the article.
What the reports add
The Independent notes that the Conference Board’s index revealed more than 28% of respondents expect fewer jobs in six months, double the 14% who expect more. Glassdoor’s employee confidence index fell to its lowest point since the start of 2016, marking the third record low this year.
What was said
Glassdoor chief economist Daniel Zhao told the outlet, “Employee confidence has been continuously grinding downwards over the last year as workers grow increasingly anxious about everything from layoffs to AI.” Zhao added that workers feel “stuck” because they perceive few better‑paying opportunities in the open market.
How it came about
Earlier Felo coverage highlighted that August job openings dipped to 7.08 million, showing the labor market’s resilience despite higher energy costs from the Iran conflict (US job openings dip to 7.08 million in August). The same trend of modest hiring and low quits was noted in Felo’s October 1 report on the August JOLTS data (US job openings dip in August despite Iran war energy shock).
Key facts
- Consumer confidence fell to its lowest level in over a decade in September, according to the Conference Board. (independent.co.uk)
- Forecasters expect September hiring to add about 90,000 jobs and keep unemployment at 4.1%. (independent.co.uk)
- Glassdoor’s employee confidence index dropped to its lowest level since early 2016, a third record low this year. (independent.co.uk)
- More than 28% of surveyed adults expect fewer jobs in six months, double the 14% who expect more. (independent.co.uk)
- Glassdoor chief economist Daniel Zhao said workers feel "stuck" and anxious about layoffs and AI. (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “Confidence about the economy is in short supply despite a relatively solid job market”
