NEW YORK (AP) — Consumers’ confidence in the economy fell in October to the lowest it’s been since 2009 when the U.S. was in the middle of a deep recession, according to a report released Tuesday by a private research group.
The New York-based Conference Board says that its Consumer Confidence Index dropped more than six points to 39.8, down from a revised 46.4 in September. October’s reading marked the lowest point since March 2009 when it was at 26.9. Economists surveyed by FactSet had expected a reading of 47. A reading above 90 indicates the economy is on solid footing.
Economists watch consumer confidence closely because consumer spending accounts for about 70 percent of U.S. economic activity.