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Consumer confidence falls in September

September 28, 2010

The Conference Board's consumer confidence index fell to a reading of 48.5 in September (1985=100) from August's reading of 53.2.

"September's pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook," said Lynn Franco, director of The Conference Board's consumer research center. "Overall, consumers' confidence in the state of the economy remains quite grim. And, 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."

The consumer confidence index is based on a survey that includes a sample of 5,000 U.S. households.