U.S. consumer confidence
probably dropped in October to an 11-month low amid concern that
the economy’s recovery is faltering, economists said in advance of
today’s industry report.
A reading of 90 is expected for the Conference Board’s
confidence index, based on the median of 54 estimates in a
Bloomberg News survey. That would be down from 93.3 in September
and the lowest since 84.9 in November 2001, when the reaction to
the Sept. 11 terrorist attacks pushed the gauge of optimism to the
lowest since January 1994.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Slowing wage gains, a drop in stock prices that has extended
into a third straight year, limited hiring and the threat of war
in Iraq are reducing Americans’ confidence in the economy just as
the holiday shopping season approaches. That may translate into a
reluctance to spend. Ford Motor Co. is already warning that
October sales have been lackluster.
“There is certainly enough going on to make people nervous
and remind them of our vulnerabilities,” said Stuart Hoffman,
chief economist at PNC Financial Services Group in Pittsburgh.
Bloomberg News
