Consumer Confidence Index tumbles

FINANCIAL TIMES:  American consumers and business leaders are increasingly cautious about the US economic recovery, battered by persistently high unemployment and slow growth, according to two separate survey results.

Consumer confidence, as measured by the Conference Board, tumbled far more than expected this month, from a reading of 53.2 in August to 48.5 in September – its lowest level since February.

 “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,” Lynn Franco, the Conference Board’s director of consumer research, said on Tuesday…. (more)

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