Consumer confidence fell to 30.8 in September from August’s 32.5. Consequently, the index remained entrenched below the 50-threshold, indicating that consumers were pessimistic.
The headline print reflected deteriorations in all subcomponents of the consumer confidence index. Consumers became more pessimistic over the next 12 months regarding their overall livelihood, income growth, employment and willingness to buy durable goods.
FocusEconomics Consensus Forecast panelists expect private consumption to rise 2.7% in 2022, which is up 0.2 percentage points from last month’s projection, and to grow 1.4% in 2023.
