Consumer Confidence Drops, Economic Uncertainties Rise
By BANI SAPRA AP Business Writer
WASHINGTON (AP) — Consumer confidence fell sharply in September, a likely indication that growing economic uncertainties are taking a toll on American households.
The Conference Board, a business research group, says its consumer confidence index fell to 125.1 in September from a revised August reading of 134.2. Consumers’ assessments of both current economic conditions and expectations for the next six months slipped.
The trade war with China and a global slowdown have contributed to uncertainties clouding the progress of the U.S. economy, now in its 11th year of expansion. Last week, the Federal Reserve cut its benchmark rate by a quarter-point for the second time this year, citing trade conflicts and weaker business investments as key reasons.
This month’s pullback in confidence was greater than economists expected, but remains at a healthy level.
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