The Conference Board’s Consumer Confidence Index dropped to 103.0 in September (consensus 105.0) from an upwardly revised 108.7 (from 106.1) in August. In the same period a year ago, the index stood at 107.8.
The key takeaway from the report is that the drop in consumer confidence was driven by consumers’ weakening expectations for future business conditions, job availability, and incomes, all of which has the potential to translate into softer spending activity.