Consumer confidence in the United States saw another decline in October, with the Consumer Confidence Index going from September's 104.3 to 102.6, the Conference Board stated in its report released on Tuesday.
The Present Situation Index decreased from 146.2 observed the previous month to 143.1 in October. Meanwhile, the Expectations Index dropped from September's 76.4 to 75.6. The document noted that the latter index remained below 80, "the level that historically signals a recession within the next year."
"Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular. Consumers also expressed concerns about the political situation and higher interest rates. Worries around war/conflicts also rose, amid the recent turmoil in the Middle East," The Conference Board Chief Economist Dana Peterson explained.
