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Consumer Confidence Falls

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Associated Press

Consumer confidence hit a three-year low last month, with an increase in the number of surveyed consumers who described current business conditions as bad, a business research group said Wednesday.

The Conference Board indicated that 25% of the 5,000 families surveyed in August labeled current business conditions as bad, the biggest proportion since a 27.5% result in November, 1983.

The group’s consumer confidence index, which has a 1985 base of 100, dipped 5.3 points to 90.2 in August, the lowest since an 89.9 reading in August, 1983.

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The Conference Board also said the survey indicated that consumer plans to buy automobiles and homes declined slightly in August, but plans to buy major appliances increased.

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