Consumer confidence fell slightly in October as Americans remain anxious about their future financial prospects.
The Conference Board, a global, nonprofit think tank and business membership organization, said earlier this week that its consumer confidence index fell by 1 point to 94.6 in October from an upwardly revised September reading of 95.6. Economists were expecting the reading to come in unchanged from the previous month, according to a report from The Associated Press. A year ago, the reading was 109.5.
A measure of Americans’ short-term expectations for their income, business conditions and the job market dipped by 2.9 points to 71.5, according to the report, remaining well below 80, the marker that can signal a recession ahead.
However, consumers’ assessments of their current economic situation rose 1.8 points to 129.3.
Write-in responses to the survey showed that prices and inflation remained consumers’ biggest concern. Mentions of tariffs declined again this month but remain elevated, the Conference Board said.
Last week, government data showed that inflation in the U.S. remained elevated in September as gas prices jumped while the cost of rents cooled, painting a mixed picture for consumers. While the economy is still growing steadily, hiring remains slow and more high-profile companies have recently announced layoffs.
Consumer prices increased 3% in September from a year earlier, the Labor Department said Friday, the highest since January and up from 2.9% in August.
The report on the consumer price index was issued more than a week late because of the Oct. 1 government shutdown.
