Consumer Confidence Falls Sharply in August

New York, NY, Aug. 30, 2011 -- Consumer confidence fell sharply in August as expectations for business conditions, jobs and income plunged, the Conference Board reported Tuesday.

The nonprofit group said its index fell to 44.5 in August, the lowest level since April 2009, from 59.2 in July.

"A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade," said Lynn Franco, director of the Conference Board's consumer research center, in a press release.

Economists had expected an August reading of 51.9. In good economic times, confidence readings are generally at 90 and above.