Spain: Consumer confidence dips in October
November 9, 2010
The index of consumer confidence from the National Credit Institute (ICO, Instituto de Credito Oficial) fell for the second time in October, reaching 67.1 points, which was down from the 72.8 points recorded in September. The index fell 2.1 percentage points from the level observed in the same month last year. With the October drop, the consumer sentiment index fell further below the 100-point threshold that separates optimistic from pessimistic territory. The drop in consumer sentiment was mainly caused by a deterioration in the current situation sub-index (September: 50.9 points; October: 44.4 points) owing to consumers' pessimistic assessment in all three categories composing the index (general economic situation, households' situation as well as employment conditions). In addition, the expectations sub-index dropped from 94.7 points in September to 89.8 points in October.