U.S. consumer confidence falls in SeptemberConsumer confidence decreased in September as consumers were concerned about the economy's short-term outlook, according to The Conference Board.
The Conference Board's Consumer Confidence Index fell to 79.7 in September from 81.8 in August. A reading of 90 or higher indicates a healthy economy.
The index measures how shoppers feel about business conditions, the job market and the next six months. Economists watch the index closely because consumer spending accounts for about 70 percent of economic activity and is a crucial part of a strong rebound.
Those expecting business conditions to improve during the next six months rose to 20.9 percent from 20.6 percent, and those expecting business conditions to worsen remained basically unchanged at 11 percent.
Additionally, 16.9 percent expect more jobs during the next six months compared with 17.5 percent in August. Those expecting fewer jobs increased from 17.2 percent to 19.7 percent.
"Consumer confidence decreased in September as concerns about the short-term outlook for both jobs and earnings resurfaced, while expectations for future business conditions were little changed," says Lynn Franco, The Conference Board's director of economic indicators. "Consumers' assessment of current business and labor market conditions, however, was more positive. While overall economic conditions appear to have moderately improved, consumers are uncertain that the momentum can be sustained in the months ahead."
Date : 9/26/2013