September 29 Consumer confidence took a sharp turn for the worse in September, according to the latest Consumer Confidence Survey by The Conference Board.
The Consumer Confidence Index moved down 4.7 points this month to 48.5, its lowest level of the year. The Index hit its high for the year62.7in May.
"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."
The consumer's reading on current conditions as well as expectations declined in September. Those calling business conditions, "bad" rose by nearly four points to 46.1% More than 16% of respondents expect business conditions to worsen in the next six months, a gain of 3 points from August.
Jobs and employment remain a major damper of consumer confidence. Employment expectations are down sharplythose expecting fewer jobs in the months ahead increase to 22.7% from 19.6%