Consumer Confidence Sinks to Two-Year Low

Consumer confidence dropped in October to its lowest level since March 2009, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a reading of 39.8, from a revised 46.4 reading in September that was higher than originally reported.

Economists had forecast a reading of 46, Bloomberg reported.

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