Consumer confidence hits 2-year low in October
NEW YORK (Reuters) - Consumer confidence declined for the third month in a row in October to its lowest level in two years on growing concerns about weakening business conditions and the impact that could have on the job market.
The Conference Board said on Tuesday its index of consumer sentiment fell more than expected to 95.6 in October down from a revised 99.5 in September. The median forecast of economists polled by Reuters was for 99.0 in October.
The reading was the lowest since October 2005, when the index read 85.2, the Conference Board said.
The Present Situation index decreased to 118.8 in October from 121.2 in September. The Expectations index declined to 80.1 in October from 85.0 in September.
"Consumer confidence posted its third monthly decline and continues to hover at two-year lows," said Lynn Franco, director of the Conference Board's consumer research center.
"Further weakening in business conditions has, yet again, tempered consumers' assessment of current-day conditions and may very well be a prelude to lackluster job growth in the months ahead," Franco said.
