A report released by the Conference Board on Tuesday showed a deterioration in U.S. consumer confidence in the month of September.
The Conference Board said its consumer confidence index dropped to 199.8 in September from a revised 120.4 in August. Economists had expected the index to slide to 120.2 from the 122.9 originally reported for the previous month.
"Consumer confidence decreased slightly in September after a marginal improvement in August," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Confidence in Texas and Florida, however, decreased considerably, as these two states were the most severely impacted by Hurricanes Harvey and Irma."
She added, "Despite the slight downtick in confidence, consumers' assessment of current conditions remains quite favorable and their expectations for the short-term suggest the economy will continue expanding at its current pace."
The report said the present situation index fell to 146.1 in September from 148.4 in August, as consumers saying business conditions are "good" decreased to 33.9 percent from 34.5 percent and those saying business conditions are "bad" increased to 13.8 percent from 13.2 percent.
On the other hand, the expectations index rose to 102.2 in September from 101.7 in August, with the percentage of consumers expecting business conditions to improve over the next six months inching up to 20.2 percent from 19.8 percent.
by RTT Staff Writer
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