Business News
US consumer confidence lower than expected
Jan 31, 2012, 16:23 GMT
Washington - American consumers are less confident about the future of the economy than previously thought, an independent research group said Tuesday, since its closely-followed consumer confidence index dropped in January.
The index, compiled by Conference Board, fell more than 3 points to 61.1. The index reached its highest point for 2011 in December, 64.8, and experts had anticipated it would rise to 68 in January.
'Consumers are more upbeat about employment, but less optimistic about business conditions and their income prospects,' said Lynn Franco, director of the New York-based board's consumer research centre.
The index is compiled from a number of economic indicators. The current 61.1 compares to 100 in 1985.
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