US consumer confidence slips in October

[WASHINGTON] US consumer confidence unexpectedly fell in October amid household concerns about the short-term outlook for business conditions and job prospects.

The Conference Board said its consumer confidence index slipped to a reading of 125.9 this month from an upwardly revised 126.3 in September. The index was previously reported at 125.1 in September. Economists polled by Reuters had forecast it rising to 128.0 in October.

The survey's present situation measure, based on consumers' assessment of current business and labour market conditions, increased to 172.3 this month from 170.6 in September. The expectations index based on consumers' short-term outlook for income, business and labour market conditions declined to 94.9 from 96.8 last month.

"Expectations weakened slightly as consumers expressed some concerns about business conditions and job prospects," said Lynn Franco, director of economic indicators at The Conference Board. "However, confidence levels remain high and there are no indications that consumers will curtail their holiday spending."

REUTERS