US consumer confidence sinks to lowest level since 2014

US consumer confidence fell sharply in September to its weakest reading since April 2014, according to Business Recorder, citing a key benchmark published on Tuesday. The Conference Board index dropped 6.7 points, landing at 81.9 for the month. Households faced steep living costs and economic uncertainty tied to the Iran war, which began in late February.

Conference Board economist Dana Peterson said consumers' written comments about prices, especially oil and gas, hit new heights in September, reflecting the month's jump in fuel costs. Global oil prices have soared since the United States and Israel attacked Iran in late February, and Tehran has retaliated by striking Washington's Gulf allies and nearly closing a major energy trade route. AAA data show the typical US gallon of regular gasoline now costs almost 50 percent more than before the war began.

Heather Long, chief economist at Navy Federal Credit Union, described the figures as concerning, saying consumers are anxious as the crucial pre-Christmas buying period begins. The release comes ahead of November midterm elections, in which Democrats are trying to take control of Congress from Trump's Republican Party.