Consumer Confidence Down in September

Washington, DC, Sept. 29, 2009--The U.S. consumer confidence index fell in September as Americans grew more concerned about the economy, their job prospects and their incomes, the Conference Board reported Tuesday.

The index fell to 53.1 in September from 54.5 in August, reversing part of August's nearly 7 point gain.

"Consumers remain quite apprehensive about the short-term outlook and their incomes," said Lynn Franco, head of the consumer research group at the private research organization.

Economists were expecting the index to rise to 57, based on higher stock prices, lower gas prices and fewer layoffs. Other indicators of consumer attitudes had improved in late September, including the University of Michigan survey and the Rasmussen consumer index.

In the Conference Board's survey of 5,000 households, the present situation index fell to 22.7 from 25.4 in July. It's the lowest level since it hit a 26-year low in March.

Only 21.3% of those surveyed expect the economy to improve in the next six months.