RSS
Home
Consumer confidence drops for second month in a row
Print
Email
RSS
Subscribe
According to the Conference Board, confidence fell from a revised 53.4 reading in September to 47.7 in October; the lowest level since April when it was at 31.4. The reading was not a surprise as economists predicted a fall to a 53.1 reading a clear result of the ailing job markets. On a positive note though, the numbers represent a year-over-year rise compared to same month in 2008.
The weaker-than-expected confidence report has sent ripples across Wall Street as the Dow Jones Industrial Average dropped nearly 90 points so far today.
Confidence data has long been correlated directly to consumer spending, which makes up the largest portion of the U.S. gross domestic product. Economists are anxiously awaiting tomorrow's release of third quarter GDP results. Positive numbers in the GDP could signal a turn for the better in our economy.
