Consumer Confidence Index Falls to its Lowest Level in 7 Months

The Conference Board’s confidence index declined to 48.5 — its lowest level in 7 months — from 53.2 the prior month, figures from the New York-based private research group showed today.

“Overall, consumers’ confidence in the state of the economy remains quite grim. And, with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months” Lynn Franco, director of The Conference Board Consumer Research Center said in a release.