U.S. consumer confidence fell unexpectedly in September, according to the Conference Board.
The confidence index dropped to 53.1 in September vs. a 54.5 mark in August. The August result was seven points higher than July’s.
The Conference Board cited growing concerns about the economy, unemployment and low job prospects and income levels as the reason for the decline.
"Consumers remain quite apprehensive about the short-term outlook and their incomes," said Lynn Franco of the Conference Board. "With the holiday season quickly approaching, this is not very encouraging news."