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Consumer Confidence Dips
Consumers pulled back a bit this month on their outlook sending the latest consumer confidence index on a downward slide to 97.6, according to the latest data from The Conference Board.
The index fell from a revised 102.6 in September. The initial September reading was 103.
“Consumer confidence declined in October, following September’s modest gain,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers were less positive in their assessment of present-day conditions, in particular the job market, and were moderately less optimistic about the short-term outlook. Despite the decline, consumers still rate current conditions favorably, but they do not anticipate the economy strengthening much in the near-term.”
The present situation index decreased from 120.3 last month to 112.1 in October. The expectations index creeped down to 88 from 90.8 last month.