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. "Consumerconfidence is at a five-monthlow, due in part to a slowinglabor market. And with all eyeson jobs data, there's alingering question: will thismonth's job report come outthis Friday, as it routinelydoes? And that's because if thegovernment shuts down, thereport 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 forsome context, that is the lowestsince April, the month whenfinancial markets were goinghaywire as investors freaked outover the president's tariffplans, consumer confidence issignificantly lower than back in January, when the presidentstarted his second term," he said.
The downward trend is also showing a significant change among consumers.
"If you look backat this point in the calendar ofthe president's first term backin September of 2017, consumerconfidence was clearly muchhigher. So why are peoplefeeling down on this economy?Well, the consumer confidencereport came up with a couple ofdifferent readings that wereconcerning, including presentsituation, how people arefeeling about the currentsituation on the ground thatfell significantly, also, howpeople are feeling about theirfamily finances, in particular,how they're feeling about theircurrent financial situation thatfell sharply, as well as howavailable consumers believe jobsare 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 careabout consumer confidence?Because this economy is drivenby consumer spending, and theworst people are feeling, theless likely they are to go outto eat, go buy a car or take avacation. So that's why we gotto pay very close attention tothese low consumer confidencenumbers," Egan said.