Consumer confidence is lower than expected as Wall Street braces for shutdown data blackout

Group 1: Consumer Confidence - Consumer confidence decreased in September, with the Conference Board's index at 94.2, down 3.6 points from August and below the Dow Jones estimate of 96.0, marking the lowest level since April [1] - The "present situation" index also hit its lowest in a year, indicating a less positive assessment of business conditions and a decline in job availability for the ninth consecutive month [2] Group 2: Labor Market Conditions - Job openings in August totaled 7.23 million, a slight increase of 19,000 from July but a decrease of 422,000, or 5.5%, compared to the same period last year [3] - The Job Openings and Labor Turnover report indicated a slower pace in hiring and total separations, with quits falling by 75,000, reflecting decreased worker confidence [4] Group 3: Federal Reserve Outlook - Labor market stability is crucial for the Federal Reserve as it considers interest rate adjustments, with expectations of a half percentage point cut by year-end [5] - Boston Fed President Susan Collins noted risks of labor demand falling short of supply, potentially leading to a significant increase in the unemployment rate [6] Group 4: Labor Market Perceptions - There is a growing divide in labor market perceptions, with the percentage of respondents indicating jobs are "plentiful" dropping to 26.9%, a decline of over 3 percentage points from August, while the "hard to get" measure remained at 19.1% [7] - Respondents expressed increased pessimism about their financial situations, with the largest one-month drop since July 2022 [7]