Consumer Confidence Takes a Hit

Although the recession is supposedly a thing of the past and many analysts proclaiming that the United States economy is on the road to recovery, consumers apparently aren’t fully buying it. In fact, consumer confidence fell in September compared to the numbers in August, according to a consumer confidence survey.

The consumer confidence survey, which was conducted by private research group The Conference Board, should consumer confidence for September was 53.1. Following the August numbers coming in at 54.5, most experts believed that consumer confidence was to rise more than 2.5 points in September. That obviously didn’t happen.

The biggest culprit is a lack of job security. Many Americans are searching for jobs and even many Americans who have jobs don’t feel confident that their jobs will stick around. That has caused many people around the nation to dramatically reduce their spending, which isn’t good news for United States economy.

As a result of this unexpected drop in consumer confidence for the month of September, the stock market has been rocky on Tuesday.

Wall Street Unhappy with Drop in Consumer Confidence (Image: Flickr)