Consumer confidence took an unexpected turn for the worse this month, according to the Conference Board’s Consumer Confidence Index.
The index slid to 53.1 for September, down from 54.5 in August, but was still ahead of the 47.4 reading in July. Confidence sank as low as 25.3 percent in February.
Economists had the index pegged for a rise to 57.
“While not as pessimistic as earlier this year, consumers remain quite apprehensive about the short-term outlook and their incomes,” said Lynn Franco, director of The Conference Board’s Consumer Research Center. “With the holiday season quickly approaching, this is not very encouraging news.”
Both components of the measure of consumer attitudes fell for the month. The Present Situation Index slid to 22.7 for September from 25.4 in August and The Expectations Index dipped to 73.3 from 73.8.
For complete coverage, see Wednesday’s WWD.