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- U.S. consumer confidence unexpectedly worsens in October
U.S. consumer confidence unexpectedly worsens in October
The Conference
Board announced on Tuesday its U.S. consumer confidence fell 0.4 points to 100.9
in October from 101.3 in September.
Economists had
expected consumer confidence to come in at 102.0.
September’s
consumer confidence reading was revised down from originally estimated 101.8.
The survey
showed that the expectations index dropped from 102.9 last month to 98.4 this
month. Meanwhile, the present situation index increased from 98.9 in September
to 104.6.
“Consumer
confidence declined slightly in October, following a sharp improvement in
September,” noted Lynn Franco, Senior Director of Economic Indicators at The
Conference Board. “Consumers’ assessment of current conditions improved while
expectations declined, driven primarily by a softening in the short-term
outlook for jobs. There is little to suggest that consumers foresee the economy
gaining momentum in the final months of 2020, especially with COVID-19 cases on
the rise and unemployment still high.”
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