Industry News

Consumer confidence down on business, labor outlook

More economic turbulence expected in coming months

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Consumer confidence fell in October for the third straight month as Americans grew even more pessimistic about the state of the economy, The Conference Board reported today. The Consumer Confidence Index, based on a representative sample of 5,000 U.S. households, dropped to 95.6 this month from 99.5 in September, and hasn't been this low since October 2005 when it registered 85.2. "Consumer confidence posted its third monthly decline and continues to hover at two-year lows," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement. "Further weakening in business conditions has, yet again, tempered consumers' assessment of current-day conditions and may very well be a prelude to lackluster job growth in the months ahead. In addition, consumers are growing more pessimistic about the short-term future, and their rather bleak outlook suggests a less-than-stellar ending to this year." According to The Conference Board, the percentage of consu...