Consumer Confidence Lowest Since February

Mounting gloom over the outlook for jobs and wages caused American consumers to lose confidence in September, indicating spending will take time to recover. The Conference Board’s sentiment index declined to 48.5 this month, lower than the median forecast of economists surveyed by Bloomberg News and the weakest level since February, according to figures from the New York-based private research group today. Another report showed home prices cooled, hurt by a slump in sales following the end of a government tax incentive. Household purchases, which account for about 70 percent of the world’s largest economy, may be constrained by a jobless rate this is projected to average more than 9 percent through 2011. Best Buy Co. is among companies planning to use promotions to spur sales during the year-end holidays in order to overcome shoppers’ somber moods. Read more here:

Consumer Confidence Lowest Since February