US Consumer Confidence Fell as Weakened Economic, Housing, Job Growth

NEW YORK (UPI) - U.S. consumer confidence fell for the third straight month amid weakened business conditions and job growth fears, a private research group said Tuesday.

The Conference Board said its October consumer confidence index fell to 95.6 from 99.5 in September.

Most economists had expected the October reading to fall to 99. September’s reading was originally reported at 99.8.

The “present situation index” — a gauge of consumers’ assessment of current economic conditions, seen as a good barometer of near-term spending plans — fell to 118.8 from 121.2.

Consumer expectations for the state of economic activity over the next six months fell to 80.1 from 85, the Conference Board said.

Consumer confidence “continues to hover at two-year lows,” Research Center Director Lynn Franco said.

“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,” she said.

“In addition, consumers are growing more pessimistic about the short-term future and their rather bleak outlook suggests a less-than-stellar ending to this year,” Franco said.

Consumers claiming conditions were “good” in October decreased to 23.4 percent from 25.7 percent. But those saying conditions were “bad” decreased to 16.3 percent from 17.8 percent, the Conference Board said.

Those expecting business conditions to worsen in the next six months rose to 13.8 percent from 11.9 percent and those expecting conditions to improve dipped to 13.7 percent from 15.7 percent.

U.S. consumer confidence falls again
United Press International