Consumer Confidence Up But May Not Last

Washington, DC, Sept. 30, 2008–Consumer confidence unexpectedly rose in September although responses were taken before the latest turmoil in the markets.

The Conference Board’s confidence index increased to 59.8, a third consecutive increase, from 58.5 the prior month, the New York-based group said today. A separate report showed home prices fell in July at the fastest pace on record from a year earlier.

Americans are likely to lose confidence heading into the presidential election on Nov. 4. Today’s report is the next-to- last Conference Board sentiment reading before the vote.

The confidence gauge was forecast to drop to 55 from an originally reported 56.9 in August.