WASHINGTON (AP) — American consumers are feeling less confident this month as concerns about jobs rose significantly.

The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month-to-month decline since August of 2021.

The survey was conducted before the Federal Reserve announced a bigger-than-expected half-point interest rate cut last week.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The measure of Americans’ short-term expectations for income, business and the job market fell to 81.7 from 86.3 in July. A reading under 80 can signal a potential recession in the near future.

Consumers’ view of current conditions fell to 124.3 in September from 134.3 last month.

Consumer spending accounts for nearly 70% of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.