United States: Consumer confidence deteriorates slightly in October
Consumer confidence came in at 100.9 in October, down from September’s 101.3. As a result, the index remained slightly above the 100-threshold, and indicated optimism among consumers.
The marginal fall in the headline reading reflected a decrease in consumers’ short-term outlook for income, business and employment conditions. That said, consumers’ assessment of current business and labor market conditions improved limiting the overall dip in consumer confidence levels.
Lynn Franco, senior director of economic indicators at the Conference Board, noted:
“Consumers’ assessment of current conditions improved while expectations declined, driven primarily by a softening in the short-term outlook for jobs. There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high.”