Consumer Confidence Plunges By Most in Three Years

The big picture: The Conference Board's Consumer Confidence Index fell almost 7 points to 98.7 in September — the biggest monthly drop since September 2021.

Why it matters: It's not just monetary policy officials who are worried about a labor market slowdown. Consumers became more pessimistic about the economy this month than in years past — largely because of a darkening outlook on employment.

What they're saying: The deterioration "likely reflected consumers' concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings," Dana Peterson, the group's chief economist, said in a release.