The Conference Board’s Consumer Confidence Index fell to 98.6 in October, down 4.9 points from August. The Present Situation Index fell 7.3 points to 120.6, while the Expectations Index fell 3.3 points to 83.9.
“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat” said Lynn Franco, Director of Economic Indicators at The Conference Board. “However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.”
Consumers’ labor market outlook was mixed during October. The share of consumers expecting more jobs in the coming months fell 2.6 points to 13.1%. However, the share anticipating fewer jobs declined from 18.1% to 17.0%. Income expectations were largely unchanged, as 17.5% expected their incomes to increase in coming months, the same as in September.