U.S. Consumer Confidence Drops in September

More pessimistic short-term outlook

Consumers grew decidedly more pessimistic about the nation's economic recovery in September, seeing worsening business and job market conditions, a key survey showed on Sept. 28.

The Conference Board said its consumer confidence index dropped to 48.5 points from 53.2 in August, when sentiment had unexpectedly improved after two months of decline.

Most analysts had predicted the index would weaken slightly to 53.0 points.

Lynn Franco, research director at the firm, attributed September's pull-back in confidence to "less favorable business and labor market conditions" that were coupled with a more pessimistic short-term outlook.

"Overall, consumers' confidence in the state of the economy remains quite grim," Franco said.

Copyright Agence France-Presse, 2010

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