Consumer Confidence Plunges to All-Time Low
The Conference Board’s Consumer Confidence Index set a record low in October, plummeting to 38 from 61.4 in September (1985=100). The Present Situation Index fell to 41.9 from 61.1 last month, and the Expectations Index declined to 35.5 points in October from September’s 61.5 points.
Consumers’ appraisal of current business conditions was equally dismal, with 38.3 percent saying conditions were “bad,” up from 33.4 in September. Just 9.2 percent of consumers said business conditions were “good,” down from 12.8 percent last month. The balance of consumers said business conditions were “normal.”
More than 91 percent of consumers said jobs were either “not so plentiful” or “hard to get,” up from 87.4 percent a month ago.