Inflation Leaves Consumers Growing More Gloomy in October – By Tim Smart (US News) / Oct 25, 2022
Americans are in a sour mood just two weeks out from the midterm elections.
Consumer confidence fell sharply in October, as Americans became more concerned about the present state of the economy and inflation barely two weeks ahead of the midterm elections.
The Conference Board’s consumer confidence index dropped to 102.8 from 107.8 in September, led by declines in the assessment of present conditions. That index fell to 138.9 from 150.2 a month earlier.
Views of the future outlook also fell, but not as much, to 78.1 from 79.5 a month earlier.
“Consumer confidence retreated in October, after advancing in August and September,” said Lynn Franco, senior director of economic indicators at the business organization. “The present situation Index fell sharply, suggesting economic growth slowed to start Q4. Consumers’ expectations regarding the short-term outlook remained dismal.”
