Consumer confidence in the economy remains "quite grim," with a monthly gauge falling to 48.5 in September, hitting the lowest level since February, the Conference Board reported Tuesday. "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 Conference Board's consumer research center, in a statement. "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."
Economists polled by MarketWatch had expected a September level of 51.5. Confidence for August was downwardly revised to 53.2 from a prior reading of 53.5. A barometer on consumers' expectations dropped to 65.4 in September - also hitting the lowest level since February -- from 72 in August. Consumers' assessment of current conditions fell to 23.1 - also the lowest since February -- from 24.9.
Tuesday, September 28, 2010
More ominous news for Democrat chances in the midterms.
Posted by traderrob at 6:02 AM