Consumer confidence in economy in October drops

NEW YORK (AP) — Americans are getting more nervous about the economy.

Consumers' confidence fell in October to the lowest it's been since March 2009 when the U.S. was in the middle of a deep recession, according to a report by a private research group released today.

The New York-based Conference Board said that its Consumer Confidence Index dropped more than six points to 39.8 in October, down from a revised 46.4 in September.

October's reading marked the lowest point since March 2009 when it was at 26.9. Economists surveyed by FactSet had expected a reading of 47. A reading above 90 indicates the economy is on solid footing.

Economists watch consumer confidence closely because consumer spending accounts for about 70 percent of U.S. economic activity. The index measures how shoppers feel about business conditions, the job market and the next six months.

It had been recovering since hitting an all-time low of 25.3 in February 2009, but has taken a turn for the worse as Americans continue to worry about stubbornly high unemployment, rising prices for food and clothing and an overall weak economy.