US consumer confidence fell by the most in two years as souring views on the labor market, higher borrowing costs and lingering inflation curbed optimism.
The Conference Board’s index fell to 106.1 this month from 114 in July, data out Tuesday showed. The number was below all estimates in a Bloomberg survey, and the decline reversed most of the advance over the previous two months.
“Consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular,” Dana Peterson, chief economist at the Conference Board, said in a statement. Respondents to the survey were more negative on the labor market, where resilience has been a key driver of ongoing strength in the economy this year.
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