US consumer confidence hits 9-month low in August
NEW YORK, Aug 27 (Reuters) - U.S. consumer confidence fell
in August to its lowest level in nine months as nagging worries
about the economy kept anxiety high, according to a report on
Tuesday that suggested consumer spending would grow sluggishly
in coming months.
The Conference Board, a business-backed research group,
said its index of consumer attitudes fell to 93.5 in August --
its lowest level since November 2001 -- from 97.4 in July.
Analysts had expected the index to come in at 97.0.
Economists closely watch confidence for trends in consumer
spending, which drives two-thirds of the U.S. economy. In
recent months, consumers have spent freely despite their
mounting fears. Even with July's confidence plunge, autos sales
were robust for the month and new home sales hit a record.
The present situation index fell in August to 92.0 from
99.4 in July. The expectations index, a gauge of consumers'
six-month outlook, fell to 94.5 in August from 96.1 in July.
The Conference Board, a New York-based business-financed
research group, surveys 5,000 households by mail to compile its
monthly report.
((--U.S. Financial Markets Desk 646 223-6300))
REUTERS
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