Industry News

Labor market haunts consumer confidence

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Consumer confidence tumbled for the third consecutive month in October, private research group The Conference Board reported Tuesday. The Conference Board's consumer confidence index now stands at 92.8 (1985=100), down from 96.7 in September. The survey is based on a sample of 5,000 U.S. households. The expectations index declined to 92 from 97.7. The present situation index dipped to 94.2 from 95.3. "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." Consumers' assessment of overall current conditions was mixed. Those saying business conditions are "good" declined to 21.7 percent from 23.4 percent. Those saying conditions are "bad" edged ...