Consumer Confidence Sinks to Two-Year Low

October 25, 2011 10:00 AM, EDT

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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. id="piano-pw">

Economists had forecast a reading of 46, Bloomberg reported.

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

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