US consumer confidence drops to five-month low

US CONSUMER confidence dropped to a five-month low in October, weighed down by dimmer views of the economy and concerns about high prices. 

The Conference Board’s index fell to 102.6 this month from an upwardly revised 104.3 in September, data out on Tuesday (Oct 31) showed. The median estimate in Bloomberg survey of economists called for 100.5.

The group’s gauge of current conditions dropped to 143.1, the lowest in nearly a year. A measure of expectations – which reflects consumers’ six-month outlook – eased to a five-month low. A gauge of expected inflation picked up.

“Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and petrol prices in particular,” said Dana Peterson, chief economist at The Conference Board.

“Consumers also expressed concerns about the political situation and higher interest rates. Worries around war/conflicts also rose, amid the recent turmoil in the Middle East.” BLOOMBERG, REUTERS