Industry News

Jobs, incomes take toll on consumer confidence

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The Conference Board's Consumer Confidence Index edged down in October, falling from 105.9 to 105.4, as more Americans grew wary about jobs and incomes. "October's dip in confidence was prompted by consumers' mixed assessment of present-day business conditions and a less favorable view of the job market," said Lynn Franco, director of The Conference Board Consumer Research Center. "Consumers' short-term expectations posted a slight improvement, but the outlook for the labor market remains mixed. Overall, this month's readings continue to suggest a moderate pace of economic growth and more of the same for the first few months of 2007." Consumers' assessment of present-day conditions was less favorable in October than in September, as the present situation index decreased from 128.3 to 124.7. Those claiming conditions are "bad" rose to 17.1 percent from 15.6 percent. Those claiming conditions are "good," however, increased to 28.1 percent from 27.3 percent. Labor market conditions wer...