Consumer Confidence Drops in August

Consumer confidence fell in August to its lowest mark since April 2009, the New York-based Conference Board said Tuesday.

The group’s monthly index plunged to a reading of 44.5, from a revised 59.2 in July that was lower than first reported.

Economists had forecast a decline to a reading of 52, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.