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Consumers' view on the economy tumbled in September, falling by the largest level in more than three years as fears grew about jobs and business conditions, the Conference Board reported Tuesday.

The board's Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104. By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit.

Each of the five components the organization samples fared worse on the month, with the biggest fall coming among those aged 35-54 and earning less than $50,000.

"Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income," said Dana Peterson, chief economist at The Conference Board.

The last time the confidence index dropped more came as inflation was just beginning a climb to what ultimately was the highest level in more than 40 years.

Stocks saw some brief losses following the relief, while Treasury yields moved lower.

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