US consumer confidence dips as jobs outlook dims

2013-09-25T00:00:00Z US consumer confidence dips as jobs outlook dimsThe Associated Press The Associated Press
September 25, 2013 12:00 am  • 

WASHINGTON — Americans' confidence in the economy fell slightly in September from August, as many became less optimistic about hiring and pay increases over the next six months.

The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index dropped to 79.7 in September. That's down from August's reading of 81.8, which was slightly higher than previously estimated.

Consumers' confidence is closely watched because their spending accounts for 70 percent of economic activity. The September reading was only slightly below June's reading of 82.1, the highest in 5 1/2 years.

While confidence has bounced back from the depths of the Great Recession, it has yet to regain a reading of 90 that typically coincides with a healthy economy.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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