Continuing job worries drove consumer confidence lower in October for the third consecutive month, according to a New York-based private research group.
The decline was steeper than expected, reported the Associated Press.
The Consumer Confidence Index dropped 3.9 points to 92.8, down from a revised 96.7 in September, according to The Conference Board. Analysts had expected a reading of 94.
“Subdued expectations, as opposed to eroding present-day conditions, were the major cause behind October’s decline in consumer confidence,” said Lynn Franco, director of The Conference Board’s Consumer Research Center. She added:
“And, while consumers’ assessment of the labor market this month showed a moderate improvement, the gain was not sufficient to ease concerns about job growth in the months ahead.”
Consumers’ assessment of overall current conditions was mixed. Those saying business conditions are “good” declined to 21.7 percent from 23.4 percent.
Those saying conditions are “bad” edged up to 21.4 percent from 20.4 percent.
On the employment front, consumers saying jobs are “plentiful” increased to 17.4 percent from 16.6 percent, while those claiming jobs are “hard to get” eased to 27.8 percent from 28.0 percent in September.
Report by David Wilkening
