Tuesday, September 28, 2010
NEW YORK (AP) -- A monthly survey shows consumer confidence in September dropped to its lowest point since February as Americans' worries about jobs escalated. The report raises more concerns about the economic recovery.
The Conference Board says its Consumer Confidence Index now stands at 48.5, down from a 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.
Economists watch confidence closely because consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a strong rebound.
The index is based on a random survey mailed to 5,000 households from Sept. 1 to Sept. 21.
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