June 24th, 2024

US consumers feeling slightly less confident in October for 3rd straight month

By Matt Ott, The Associated Press on October 31, 2023.

File - A shopper passes a Dick's Sporting Goods store on Aug. 24, 2023, in a shopping center in Lakewood, Colo. On Tuesday, the Conference Board reports on U.S. consumer confidence for October. (AP Photo/David Zalubowski, File)

WASHINGTON (AP) – American consumers are feeling increasingly less confident these days as fears of an oncoming recession remain elevated.

The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 102.6 from 104.3 in September.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The index measuring Americans short-term outlook for income, business and job market declined again, to 75.6 in October from 76.4 in September. Readings below 80 for future expectations historically signal a recession within a year.

Consumers’ view of current conditions also fell this month, to 143.1 from 146.2 in September.

Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to the mood of consumers to gauge how it may affect the broader economy.

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