U.S. consumer confidence fell more-than-expected in September, declining to its lowest level in 7 months, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence fell to 48.5 in September, after rising to 53.2 in August, whose figure was revised down from 53.5.
Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, director of The Conference Board Consumer Research Center, Lynn Franco said, "September’s pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook. Overall, consumers’ confidence in the state of the economy remains quite grim”.
She added "with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.21% to hit 1.3483.
Meanwhile, U.S. future indices moved lower: Dow Jones Industrial Average futures indicated a decline of 0.67%, S&P 500 futures pointed to a fall of 0.82% and Nasdaq 100 futures were down 1.42%.
In a report, the Conference Board, a market research group said its index of consumer confidence fell to 48.5 in September, after rising to 53.2 in August, whose figure was revised down from 53.5.
Analysts had expected the index to decline to 52.9 in September.
Commenting on the report, director of The Conference Board Consumer Research Center, Lynn Franco said, "September’s pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook. Overall, consumers’ confidence in the state of the economy remains quite grim”.
She added "with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.21% to hit 1.3483.
Meanwhile, U.S. future indices moved lower: Dow Jones Industrial Average futures indicated a decline of 0.67%, S&P 500 futures pointed to a fall of 0.82% and Nasdaq 100 futures were down 1.42%.
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