Report published September 29, 2026
Goldman Sachs: Consumer Confidence Well Below Expectations; Job Openings Decline
Goldman Sachs · September 29, 2026
The Conference Board consumer confidence index dropped to 81.9 in September, its lowest level since 2014, while JOLTS job openings fell to 7,079k in August. Both indicators fell well short of consensus expectations, reflecting weaker perceived job availability and elevated inflation concerns.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The Conference Board consumer confidence index fell sharply by 6.7 points to 81.9 in September, significantly missing expectations and reaching its lowest level since 2014.
- 2.The labor differential dropped to 1.7%, its lowest level since February 2021, while 12-month ahead consumer inflation expectations rose to 6.1%.
- 3.August JOLTS job openings fell by 256k to 7,079k, missing consensus forecasts, driven primarily by declines in professional & business services and healthcare.
Table of Contents
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Report data
Consumer Confidence and Labor Differential Trends
| Metric | Estimate | Context |
|---|---|---|
| Conference Board Consumer Confidence Index | 81.9 index | Decreased to 81.9 vs. GS 89.0 and median forecast 89.0 |
| Present Situation Component | 109.3 index | Consumer confidence present situation subcomponent |
| Expectations Component | 63.6 index | Consumer confidence expectations subcomponent |
| Labor Differential | 1.7% | Difference between jobs plentiful (23.6%) and jobs hard to get (21.9%); lowest level since February 2021 |
| 12-Month Ahead Inflation Expectations | 6.1% | Survey measure of 12-month ahead inflation expectations |
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