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Consumer Confidence Edges Downward in September

The Conference Board's Consumer Confidence Index dropped to 48.5 in September, down from 53.2 in August.

"September's pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook," said Lynn Franco, director of The Conference Board Consumer Research Center. "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."

Consumers opinions on current and future economic conditions both worsened. More than 46 percent of those surveyed said business conditions were bad, up from 42.3 percent in August, and more than 46 percent said jobs were hard to get, up from 45.5 percent in August.

Nearly 16.5 percent of those surveyed expected business conditions to worsen in the next six months, up from 13.4 percent in August. Nearly 23 percent anticipated fewer available jobs in the coming months, compared to 19.6 percent in August.

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