Consumer Confidence Falls Back in September

New York, NY, Sept. 28, 2010--Consumer confidence remains depressed, with a monthly index falling to 48.5 in September, hitting the lowest level since February, according to the Conference Board.

"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 press release.

"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 had expected a reading of 51.5. 

A measure of consumers' expectations dropped to 65.4 in September - also hitting the lowest level since February -- from 72 in August.