Drop Reported in Consumer Confidence

Consumer confidence in the nation’s economy dropped in September for the second straight month but remains high, according to a survey conducted for the Conference Board and released Sunday.

The monthly survey of 5,000 U.S. families for the private business forecasting group indicated that fewer than 20% of those responding thought business conditions would improve over the next six months, compared with more than 21% during August.

And more than 17% of the respondents anticipated fewer jobs in the next six months, compared with 15% in the August survey.

Drop of 2.7 Points

Overall, the survey, conducted by National Family Opinion of Toledo, Ohio, placed the Conference Board’s consumer confidence index at 87.2, down from 89.9 in August.

“Despite minor monthly shifts, the still-encouraging news is that consumer confidence has remained at a high plateau for almost a year and a half,” said Fabian Linden, executive director of the group’s Consumer Research Center. “Latest survey readings suggest continued economic expansion through the rest of this year, although at a slower pace than is being projected by the more optimistic economic forecasters.”