Consumer confidence in the US fell for the second consecutive month in September as consumers were preoccupied with rising prices for gasoline and groceries, The Conference Board reported today. Consumers were also concerned about the political situation and higher interest rates.

The Consumer Confidence Index now stands at a level of 103.0 (1985=100), down from an upwardly revised reading of 108.7 in August.

September’s decline in confidence was evident across age groups and most notable among consumers with household incomes of $50,000 or more.

“Expectations for the next six months tumbled back below the recession threshold of 80, reflecting less confidence about future business conditions, job availability and incomes,” Dana Peterson, chief economist at The Conference Board, said in a press statement. “Consumers may be hearing more bad news about corporate earnings while job openings are narrowing and interest rates continue to rise — making big-ticket items more expensive.”

Separately, Peterson noted consumer’s assessments of the present situation were little changed.

Consumers’ appraisal of the labor market was slightly more positive in September, as 40.9% of consumers said jobs were “plentiful,” up from 39.9% in August. However, 13.6% of consumers said jobs were “hard to get,” up from 13.2%.

Consumers’ assessment of the short-term labor market outlook was less favorable in September. While 15.5% of consumers expect more jobs to be available, down from 17.5%, 18.9% anticipate fewer jobs, up from 18.0%.