A CNN anchor warned Tuesday that "the economy is flashing some troubling signals" as a looming government shutdown approaches and questions over upcoming jobs reports.
"The economy is flashing some troubling signals," CNN anchor Brianna Keilar told viewers. "Consumer confidence is at a five-month low, due in part to a slowing labor market. And with all eyes on jobs data, there's a lingering question: will this month's job report come out this Friday, as it routinely does? And that's because if the government shuts down, the report could be delayed."
"The mood on Main Street remains pretty gloomy," CNN reporter Matt Egan reports.
In September, consumer confidence dropped by another 4% to a reading of just above 94.
"So for some context, that is the lowest since April, the month when financial markets were going haywire as investors freaked out over the president's tariff plans, consumer confidence is significantly lower than back in January, when the president started his second term," he said.
The downward trend is also showing a significant change among consumers.
"If you look back at this point in the calendar of the president's first term back in September of 2017, consumer confidence was clearly much higher. So why are people feeling down on this economy? Well, the consumer confidence report came up with a couple of different readings that were concerning, including present situation, how people are feeling about the current situation on the ground that fell significantly, also, how people are feeling about their family finances, in particular, how they're feeling about their current financial situation that fell sharply, as well as how available consumers believe jobs are right," Egan said.
Disappointing job reports over the last few months have also reflected how people feel about the economy. These factors can raise a concern, he added.
"Why do we care about consumer confidence? Because this economy is driven by consumer spending, and the worst people are feeling, the less likely they are to go out to eat, go buy a car or take a vacation. So that's why we got to pay very close attention to these low consumer confidence numbers," Egan said.