Consumer confidence in US declines as job perceptions shrink
CONSUMER confidence in the United States declined in October following successive gains in the prior two months, according to Conference Board figures. The Board’s consumer confidence index fell to 98.6, down from September’s downward revised result of 103.5. Analysts had forecast the index to drop to 100.8.
“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat,” Lynn Franco, the board’s head of economic indicators, said in a statement.
“However, consumers’ expectations regarding their income pros- pects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term but at a moderate pace.”
Those saying business conditions were “good” fell slightly from 27.7 percent to 26.2pc but those saying circumstances were “bad” rose from 15.8pc to 17.7pc. Views on the labour market also dimmed, with the share of those believing jobs were “plentiful” falling to 24.3pc from 27.6pc.
The percentage of consumers who said they believed business conditions would improve over the next six months was 1 point lower at 16pc, according to the survey. –