New York, NY, United States (4E) – Confidence of U.S. consumers fell this month, due to concerns about unemployment and income, according to a private research group report released Tuesday.
The consumer confidence index by Conference Board fell to 79.7, the lowest level since May this year, from 81.8 a month earlier, the New York-based group said Tuesday. In a separate report, home prices advanced in the 12 months through July, the biggest appreciation in more than seven years.
Tuesday’s reading for September is near the 79.8 level forecast by economists in a Dow Jones Newswires survey. Consumer opinion for economic activity over the next six months dropped to 84.1 from the revised August reading of 89.0, initially estimated as 88.7.
The number of respondents who said their incomes will increase fell to its lowest level since March. That figure fell to 15.4 percent this month, compared with the 17.5 percent share in August. For Americans who believe that there will be more jobs available in the next six months, the proportion fell to 16.9 percent from 17.5 percent.
The consumer confidence survey’s cutoff date was Sept. 13, which was before the Sept. 17-18 policy meeting of the U.S. Federal Reserve, so the data does not include household reaction to the central bank’s unexpected decision to keep its monetary stimulus steady. Sentiment for October could also be hit by the possibility of a government shutdown.