The Conference Board said on Friday that its Consumer Confidence Index dropped to 85 in October from 87.5 in September. The new number is the lowest level since October 2003.
At the same time, the Conference Board’s Expectations Index, which measures consumers’ outlook over the next six months, fell to 69.5 from 72.3.
“Much of the decline in confidence over the past two months can be attributed to the recent hurricanes, pump shock and a weakening labor market,” said Lynn Franco, director of the Conference Board’s Consumer Research Center, noting that the “degree of pessimism, in conjunction with the anticipation of much higher home heating bills this winter, may take some cheer out of the upcoming holiday season.”
At the same time, the Conference Board’s Expectations Index, which measures consumers’ outlook over the next six months, fell to 69.5 from 72.3.
“Much of the decline in confidence over the past two months can be attributed to the recent hurricanes, pump shock and a weakening labor market,” said Lynn Franco, director of the Conference Board’s Consumer Research Center, noting that the “degree of pessimism, in conjunction with the anticipation of much higher home heating bills this winter, may take some cheer out of the upcoming holiday season.”
- KC's View:
- It may be a Blue Christmas…
