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US economic short-term outlook "more negative", as Consumer Confidence slumps

28-Oct-2009 8:41 AM

The Conference Board's US Consumer Confidence Index, which had declined in Sep-2009, deteriorated further in Oct-2009 to 47.7 (1985=100), down from 53.4 in Sep-2009.

The Conference Board: "Consumers' assessment of present-day conditions has grown less favorable, with labour market conditions playing a major role in this grimmer assessment...The short-term outlook has also grown more negative, as a greater proportion of consumers anticipate business and labor market conditions will worsen in the months ahead. Consumers also remain quite pessimistic about their future earnings, a sentiment that will likely constrain spending during the holidays", Lynn Franco, Director of Consumer Research Center. Source: The Conference Board, 27-Oct-2009