US consumer confidence falls in September to 4-month low

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence fell in September, diving to its lowest in four months, a New York-based research group said Tuesday.

The consumer confidence index, a leading indicator of consumer spending and economic activity, plummeted 5.7 points to 103.0, according to The Conference Board.

It marked the lowest level for the index since May when it had stood at 102.5.

The index was expected to come in at 105.5, while the August figure was revised to 108.7 from 106.1.

"Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular," Dana Peterson, chief economist at the Conference Board, said in a statement. "Consumers also expressed concerns about the political situation and higher interest rates."

The expectations index, which is based on consumers’ short-term outlook for income, business and labor market conditions, fell to 73.7 in September following a decline to 83.3 in August.