Concerns that consumers won’t help drive a speedy and strong economic recovery only escalated Tuesday after a widely watched barometer of confidence fell unexpectedly in September.
The Conference Board’s Consumer Confidence survey showed worries about job security seem to be offsetting any enthusiasm about rising home values and stocks.
“Last year, consumers were shellshocked as they worried about what might happen to the economy,” said Mark Vitner, senior economist at Wells Fargo. “Today, shoppers … don’t have the means to step up spending.”
The Conference Board, a private research group, said its confidence index dipped to 53.1 in September, down from a revised 54.5 in August. Economists surveyed by Thomson Reuters had expected a reading of 57.
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