The Conference Board’s Consumer Confidence Index fell to 81.9 in September 2026, its lowest reading since April 2014. The separate University of Michigan Consumer Sentiment Index also declined, but its September reading was a four-month low—not a decade low.
What does “lowest in more than a decade” mean?
The comparison is specific to the Conference Board Consumer Confidence Index: it dropped 6.7 points, from 88.6 in August to 81.9 in September 2026. The Conference Board said that was the index’s lowest reading since April 2014.
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The figures describe a survey measure of consumer confidence, not a direct count of household spending or a forecast that spending will fall by a particular amount. A lower reading signals weaker reported confidence; it does not, by itself, establish why confidence changed or what consumers will do next.
How the two September surveys compare
The University of Michigan’s Consumer Sentiment Index is a different survey, published on a separate scale. Its 48.1 reading should not be compared numerically with the Conference Board’s 81.9 as if the indexes were interchangeable.
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| Survey | September 2026 reading | Recent comparison |
|---|---|---|
| The Conference Board Consumer Confidence Index | 81.9, down from 88.6 in August | Lowest since April 2014 |
| University of Michigan Consumer Sentiment Index | 48.1, down from 51.7 in August and 55.1 in September 2025 | Four-month low; 15% below January 2026 |
The University of Michigan described its September result as a four-month low. Its comparison is evidence of a separate decline in sentiment, not confirmation of the Conference Board’s historical record. See the University of Michigan Surveys of Consumers release for that index.
What may be weighing on consumers?
Reporting by Retail Dive pointed to concerns about fuel prices, borrowing costs, and anxiety over weak hiring. The coverage also noted weaker sentiment and personal-finance views in the Michigan survey. These are reported concerns and context, not a measured breakdown proving how much each factor caused the Conference Board’s decline.
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Inflation expectations remain elevated
In its September 2026 release, The Conference Board reported average 12-month inflation expectations of 6.1% and median expectations of 5.1%. Those are respondents’ expectations for inflation over the coming year, not a forecast that prices will rise by exactly either figure.
Borrowing costs and hiring concerns
Higher borrowing costs can make financing purchases more difficult, while concern about hiring can affect how secure people feel about income and job prospects. The available reporting identifies both as concerns, but it does not establish that either one alone explains the index decline.
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What consumers should take from the figures
- For the decade-plus comparison, use the Conference Board’s September 2026 reading of 81.9 and its stated prior low in April 2014.
- Treat the Michigan index as a distinct signal: it fell to 48.1, a four-month low in September 2026.
- Read inflation expectations as survey responses, not as realized inflation or a guaranteed future rate.
- Use the reported concerns about fuel, borrowing and hiring as context rather than definitive proof of causation.
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