Consumer Confidence Drop Flashes Warning for Holiday Spending
Dow Jones
Sep 30
1340 ET - The drop in consumer confidence this month to its lowest reading since 2014 is emitting a warning sign for holiday spending, LPL Financial's Jeffrey Roach says in a note. The Iran conflict and stubborn inflation are weighing on households, he says. Americans feel jobs are more scarce and pulling back on plans for homes, cars and big-ticket purchases, even if employers aren't yet cutting workers to match the gloomy consumer outlook, Roach says. If forthcoming hard data matches the consumer confidence survey's findings, the Federal Reserve will be forced to raise interest rates again this year, Roach says.
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