September consumer confidence unexpectedly falls

NEW YORK (AP) — Americans' worries about job security flared up in September, causing a widely watched barometer of consumer confidence to dip unexpectedly and raising more concern about the upcoming holiday shopping season.

The New York-based Conference Board, a private research group, said that its Consumer Confidence Index dipped to 53.1 in September, down from the revised 54.5 reading in August. Economists surveyed by Thomson Reuters had expected a reading of 57.

The index had enjoyed a three-month climb fueled fueled by signs that the economy might be stabilizing. That followed a historic low in February of 25.3 and a bumpy road after June as rising unemployment has caught up with shoppers.

A reading above 90 means the economy is on solid footing. Above 100 signals strong growth.

While the confidence index has doubled from the historic low in February, it's still about half of the historic average of 94.8, and below the 61.4 level right before the collapse of Lehman Brothers last fall.