Consumer confidence weakened slightly in October as Americans remain anxious about their future financial prospects.
The Conference Board said Tuesday that its consumer confidence index fell by 1 point to 94.6 in October from an upwardly revised September reading of 95.6. Economists were expecting the reading to come in unchanged from the previous month. One year ago, the reading was 109.5.
A measure of Americans’ short-term expectations for their income, business conditions and the job market dipped by 2.9 points to 71.5, remaining well below 80, the marker that can signal a recession ahead.
However, consumers’ assessments of their current economic situation rose 1.8 points to 129.3.
Write-in responses to the survey showed that prices and inflation remained consumers’ biggest concern. Mentions of tariffs declined again this month but remain elevated, the Conference Board said.
