Consumer confidence down-full speed ahead
Associated Press
Consumer Confidence Dips Lower Than Thought
Tuesday October 26, 10:11 am ET
By Anne D'Innocenzio, AP Business Writer
Consumer Confidence Falls for Third Straight Month; Decline Steeper Than Expected
NEW YORK (AP) -- Consumer confidence fell in October for the third consecutive month, a New York-based private research group said Tuesday. The decline was steeper than expected.
The Consumer Confidence Index dropped 3.9 points to 92.8, down from a revised 96.7 in September, according to The Conference Board. Analysts had expected a reading of 94.
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"Subdued expectations, as opposed to eroding present-day conditions, were the major cause behind October's decline in consumer confidence," said Lynn Franco, director of The Conference Board's Consumer Research Center. "And, while consumers' assessment of the labor market this month showed a moderate improvement, the gain was not sufficient to ease concerns about job growth in the months ahead."
Economists closely track consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.
The Expectations Index, one component of the Index that measures consumers' outlook over the next six months, declined to 92.0 from 97.7. Meanwhile, The Present Situation index dipped to 94.2 from 95.3.
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