Consumer Confidence Dropped in September
The Consumer Confidence Index, as measured by the Conference Board, dropped to 48.5 in September, after rising the month before.
The score marks the lowest level in the survey since February.
However, also on Tuesday, the monthly CEA/CNET index of consumer expectations actually rose five points, for the second monthly increase in a row. The CE-specific Index of Consumer Technology Expectations also posted an increase.
“September’s pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook,” Conference Board Consumer Research Center director Lynn Franco said as part of the announcement.
“Overall, consumers’ confidence in the state of the economy remains quite grim. And, with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months.”