Consumer confidence fell in September more than economists had expected. The Conference Board Consumer Confidence Index fell to 48.5 in September from 53.2 in August.
Economists expected the consumer confidence index to fall to 52 after a 2.5 point rise in August to 53.2.
The worse-than-expected dip seems to be part of a seesaw effect taking place as the economy recovers more slowly than businesses or consumers want it to. The biggest sign of that, of course, is an unemployment rate hovering at 9.6 percent.
And consumers don’t expect that number to get any better any time soon, according to the Conference Board’s survey. Only 14.5 percent expect more jobs on the horizon.
Lynn Franco, director of The Conference Board Consumer Research Center, said, ''September’s pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook. 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.''
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