Consumer Confidence Slips in October
The Conference Board noted that the index of consumer confidence dipped unexpectedly on Monday due to concerns over the job market and the economy in general. The decline was small with the index dropping from 105.9 in September to 105.4.
“October’s dip in confidence was prompted by consumers’ mixed assessment of present-day business conditions and a less favorable view of the job market,” says Lynn Franco, Director of The Conference Board Consumer Research Center. “Consumers’ short-term expectations posted a slight improvement, but the outlook for the labor market remains mixed. Overall, this month’s readings continue to suggest a moderate pace of economic growth and more of the same for the first few months of 2007.”
Overall, it isn’t that bad, but note that the overall trend of the index since April has been in a downward direction.