Consumer Confidence dropped for the third straight month to its lowest level in half a year.
Worries about job prospects drove consumer confidence lower in October for the third consecutive month, a New York-based private research group said Tuesday. The decline was steeper than expected and raised questions about how consumers will spend during the critical holiday shopping season.
The Consumer Confidence Index dropped 3.9 points to 92.8, down from a revised 96.7 in September, according to The Conference Board. Analysts had expected a reading of 94.
The October figure is the lowest since March, when the reading was 88.5. The index had been rising since April, before falling 3 points to 98.7 in August and another 2 points in September.