The downbeat report, released Tuesday, raises more fears about the tenuous U.S. economic recovery. It also further underscores the disconnect between Wall Street and Main Street; consumers’ confidence fell further even as stocks rebounded in September.
The Conference Board, based in New York, said its monthly Consumer Confidence Index now stands at 48.5, down from the revised 53.2 in August. Economists surveyed by Thomson Reuters were expecting 52.5.
The reading marked the lowest point since February’s 46.4. It takes a reading of 90 to indicate a healthy economy – a level not approached since the recession began in December 2007.