US consumer confidence ebbs in September on labor market fears

U.S. consumer confidence unexpectedly fell in September amid mounting worries over the health of the labor market. The Conference Board said on Tuesday its consumer confidence index dropped to 98.7 this month from an upwardly revised 105.6 in August. "The deterioration across the index's main components likely reflected consumers' concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings, even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages," said Dana Peterson, the chief economist at the Conference Board.