Consumer Confidence Plunges to Lowest Since 2014 Amid Surge in Energy Costs

12:21 PM EDT, 09/29/2026 (MT Newswires) -- US consumer confidence tumbled this month to the lowest level since 2014 as Americans turned pessimistic amid elevated energy prices, the Conference Board said Tuesday. The consumer confidence index declined to 81.9 in September from August's 88.6. The consensus in a Bloomberg survey was for an 89 print. "The consumer confidence index deteriorated notably in September, following two prior months of softening," Conference Board Chief Economist Dana Peterson said. "Consumer appraisals of current business conditions became negative for the first time since September 2024. Perceptions of the current labor market also worsened, though remained within positive territory." Consumers' business and labor market expectations over the next six months also weakened, the survey showed. Crude oil prices are headed for their third straight monthly increase due to fears of prolonged global supply disruptions driven by the US-Iran conflict. In the US, diesel prices surged to record highs recently above $6.50 per gallon. "Consumers' write-in responses regarding factors affecting the economy were mostly pessimistic in September," Peterson said. "References to prices, the high cost of goods and services, and oil and gas prices in particular, rose to new heights, reflecting September's surge in fuel costs." On Friday, the University of Michigan said consumer sentiment this month reached its lowest level in four months as inflation expectations rose. Consumers' average year-ahead inflation expectations increased sequentially this month by 0.3 percentage point to 6.1%, according to the Conference Board survey. The survey was conducted from Sept. 1 to 23, a period that covered the Federal Reserve's first interest rate hike in just over three years aimed at curbing sticky inflation. The share of consumers anticipating higher interest rates over the next 12 months increased by 5.2 percentage points to 68.4%, according to the survey.