Financial News: U.S. Consumer Confidence Shows Moderate Deterioration In O

U.S. Consumer Confidence Shows Moderate Deterioration In October

10/31/2023 - 11:09:00 (RTTNews)

(RTTNews) - The Conference Board released a report on Tuesday showing a moderate deterioration in U.S. consumer confidence in the month of October.

The report said the consumer confidence index slipped to 102.6 in October from an upwardly revised 104.3 in September.

Economists had expected the consumer confidence to decrease to 100.0 from the 103.0 originally reported for the previous month.

"Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular," said Dana Peterson, Chief Economist at The Conference Board.

"Consumers also expressed concerns about the political situation and higher interest rates," she added. "Worries around war/conflicts also rose, amid the recent turmoil in the Middle East."

Peterson noted the continued decrease by the headline index reflected pullbacks by both the present situation index and the expectations index.

The report said the present situation index fell to 143.1 in October from 146.2 in September, while the expectations index edged down to 75.6 in October from 76.4 in September.

"Assessments of the present situation were driven by less optimistic views on the state of business conditions, but consumers' rating of current job availability held steady," said Peterson.

She added, "Expectations for the next six months stayed below the recession threshold of 80, reflecting a decline in confidence about future business conditions, job availability, and incomes."

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

UK Construction Downturn Continues In November (30 min(s), 31 sec(s) ago)
(RTTNews) - UK construction activity remained in contraction for the third straight month in Novem ...Full Story»

Eurozone Retail Sales Recover 0.1% (01 hr(s), 40 min(s), 31 sec(s) ago)
(RTTNews) - Euro area retail sales increased for the first time in four months in October, largely ...Full Story»

Taiwan Inflation Eases To 2.90% In November (02 hr(s), 47 min(s), 31 sec(s) ago)
(RTTNews) - Taiwan consumer price inflation eased for the first time in five months in November, d ...Full Story»

German Factory Orders Fall Unexpectedly In October (05 hr(s), 20 min(s), 31 sec(s) ago)
(RTTNews) - Germany's factory orders decreased for the first time in three months, mainly due ...Full Story»

European Economic News Preview: Germany Factory Orders Data Due (08 hr(s), 0 min(s),31 sec(s) ago)
(RTTNews) - Factory orders and construction Purchasing Managers' survey results from Germany a ...Full Story»

Australia GDP Adds 0.2% In Q3 (15 min(s), 29 sec(s) ago)
(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.2 percent on q ...Full Story»

Australia GDP Data Due On Wednesday (08 min(s), 29 sec(s) ago)
(RTTNews) - Australia will on Wednesday release Q3 figures for gross domestic product, highlightin ...Full Story»

U.S. Services Index Indicates Slightly Faster Growth In November (46 min(s), 29 sec(s) ago)
(RTTNews) - Service sector activity in the U.S. grew at a slightly faster rate in the month of Nov ...Full Story»