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Consumer confidence just hit its worst level in over a decade, yet the stocks that depend on American shoppers are barely flinching. Understanding why that calm exists, and how long it can last, matters far more than the headline number.
Consumer confidence fell to 81.9 in September, its lowest level since 2014, according to the Conference Board.
“Consumers’ write-in responses regarding factors affecting the economy were mostly pessimistic in September. References to prices, the high cost of goods and services, and oil...