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Consumer confidence slips in October

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Consumer confidence slips in October

The Conference Board Consumer Confidence Index, which had increased moderately in September, declined 4.9% in October.

"Consumer confidence declined in October, following September's modest gain," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Consumers were less positive in their assessment of present-day conditions, in particular the job market, and were moderately less optimistic about the short-term outlook. Despite the decline, consumers still rate current conditions favorably, but they do not anticipate the economy strengthening much in the near-term."

"Despite the decline, consumers still rate current conditions favorably."

Consumers' appraisal of current conditions was somewhat less positive in October. Those saying business conditions are "good" decreased from 28.1% to 26.5%, while those claiming business conditions are "bad" increased from 16.4% to 18.3%. Consumers were also less upbeat about the job market. Those stating jobs are "plentiful" decreased from 24.8% to 22.2%, while those claiming jobs are "hard to get" edged up to 25.8% from 24.9%.

Consumers' optimism about the short-term outlook was more subdued in October. The percentage of consumers expecting business conditions to improve over the next six months was unchanged at 18.1%, while those expecting business conditions to worsen inched up to 10.6% from 10.4%.

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