Declining US consumer confidence casts shadows over economy

Consumer sentiment is often regarded as the barometer of the US economy, given that nearly 70 percent of it relies on consumer spending. However, recent data reveals a gradual decline in consumer confidence over the past few months, posing a potential threat to the holiday season. Data released by the Conference Board on Tuesday shows that its consumer confidence index fell to 103 in September from 108.7, marking the most significant monthly drop since December 2020.