**Consumer Confidence Plunges Amid Labor Market Concerns**

Consumer confidence has experienced its steepest decline in three years this month, reflecting a growing sense of unease among Americans regarding the current and future state of the economy. According to the latest data from The Conference Board, the Consumer Confidence Index dropped by nearly 7 points to a reading of 98.7 in September, marking the largest monthly decrease since September 2021.

This decline in consumer confidence is significant as it highlights a broader apprehension about the labor market, which is not confined to monetary policy experts alone. Dana Peterson, chief economist at The Conference Board, attributed this negative shift largely to deteriorating perceptions of job security and employment prospects. "The deterioration likely reflected consumers' concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings," Peterson elaborated in a statement.

While anxiety about inflation continues to persist, concerns over the labor market have now come to the forefront, further clouding the economic outlook for many Americans. This shift in sentiment underscores the dual challenges facing the economy: inflationary pressures coupled with a weakening jobs market.

Interestingly, the Conference Board pointed out that although there are rising concerns over the economy, fears over election outcomes remain notably lower than those observed ahead of the 2020 and 2016 elections. This suggests that while political uncertainties do exist, they are not currently the primary driver of consumer pessimism.

In an effort to address economic concerns and outline her guiding principles, Vice President Kamala Harris is slated to deliver a speech in Pittsburgh later today. Her address aims to reassure voters of her pragmatic approach to economic issues, emphasizing her commitment to harnessing the strengths of capitalism while advocating for necessary reforms to mitigate its excesses.