The Globe and Mail reports in its Wednesday, Sept. 27, edition that the confidence of U.S. consumers slipped this month. An Associated Press dispatch to The Globe reports that the Conference Board said Tuesday that its Consumer Confidence Index fell to 103 in September from 108.7 in August. Analysts were expecting a smaller decrease, to a reading of 105. The index measures both Americans' assessment of current economic conditions and their outlook for the next six months. Most troubling was the decline in the index measuring future expectations, which tumbled to 73.7 in September from 83.3 in August. Readings below 80 for future expectations historically signal a recession within a year. Relatedly, consumers' perceived likelihood of a recession in the next year rose, after it declined over the summer. The downturn in spending is beginning to reveal itself in the quarterly financial reports of some of the nation's biggest retailers. Target recently reported its first quarterly sales decline in six years. Consumer spending accounts for about 70 per cent of U.S. economic activity, so economists pay close attention to the mood of consumers to gauge how it may affect the broader economy.