The Conference Board Consumer Confidence Index declined slightly in October, after increasing sharply in September. The index now stands at 100.9, down from 101.3 in September.
“Consumer confidence declined slightly in October, following a sharp improvement in September,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Consumers’ assessment of current conditions improved while expectations declined, driven primarily by a softening in the short-term outlook for jobs. There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high.”