US consumer confidence hits 12-year low on inflation, stagnant wages

The Conference Board's consumer confidence index fell 6.7 points to 81.9 in September, the lowest since April 2014 and below pandemic lows, as elevated prices and stagnant wages weigh on sentiment. The drop, compounded by the ongoing Iran war, signals weakening consumer spending and raises downside risks to growth. The magnitude of the decline and its persistence are uncertain, but the data point to deteriorating household financial conditions.