Consumers less confident in Sept. - Conference Board's mood indicator slips almost 2 points
Job worries helped push consumer confidence down in September for the second consecutive month, a New York-based private research group said Tuesday.
The Consumer Confidence Index fell 1.9 points to 96.8 from a revised reading of 98.7 in August, according to The Conference Board. Analysts had expected a reading of 99.5.
“The recent declines in the index were caused primarily by a deterioration in consumers’ assessment of employment conditions,” said Lynn Franco, director of the organization’s Consumer Research Center. “Soft labor market conditions have clearly taken a toll on consumer confidence. Still, expectations for the next six months are virtually unchanged from August.”
Economists closely track consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.
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“The recent declines in the index were caused primarily by a deterioration in consumers’ assessment of employment conditions,” said Lynn Franco, director of the organization’s Consumer Research Center. “Soft labor market conditions have clearly taken a toll on consumer confidence. Still, expectations for the next six months are virtually unchanged from August.”
Economists closely track consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.
External Source - For the complete article click here
