Consumer confidence plunges
"U.S. Economy"09/27/2005
Tuesday September 27, 10:53 AM EDT
NEW YORK (Reuters) - U.S. consumer confidence plunged in September, a report said on Tuesday. The Conference Board said its gauge of consumer sentiment “plummeted” in September to 86.6 from 105.5 in August.
A Reuters poll of economists had culled a median forecast for a smaller, but still substantial, drop to 95.0.
The Conference Board said the index plunged as Hurricane Katrina, coupled with soaring gasoline prices and a less optimistic job outlook, pushed consumer confidence to its lowest level in nearly two years. The index read 81.7 in October 2003.
The business research group’s present situation index fell to 108.9 from 123.8 while its expectations index fell to 71.7 in September from 93.3 last month.