U.S. Consumer Confidence Drops To Recession Levels
Consumer confidence fell this month to levels last seen more than two years ago during the 2008-2009 recession, according to the Conference Board, a global business association that commissions the monthly index.
The index, which stands at 39.8, had seen slight improvement in September, but gave those gains back and more this month. September's reading was 46.4 on the 100-point scale.
Consumer expectations lost ground over concerns about business conditions, the labor market and job prospects. The index that measures expectations fell to 48.7 from 55.1.
Those expecting conditions to improve over the next six months decreased from 11.8 percent to 9.1 percent.
Consumers' views of the present economic situation posted their sixth consecutive decline, clocking in at 26.3 compared to 33.3 last month. Of those surveyed, 43.7 percent claimed business conditions are "bad" compared to 40.5 percent a month ago.
The outlook on the job market also worsened, with 11.3 percent anticipating more jobs to be open in the months ahead compared to 11.9 percent in September.
WBJ Web Partners
Most Recent
Most Recent
0 Comments