Washington, DC, United States (4E) – Confidence among American consumers fell in October as the partial federal government shutdown raised households’ economic anxiety.
The Conference Board index of consumer confidence fell to 71.2 in October, from the previous month’s revised 80.2 level, which was previously estimated as 79.7. October’s level was the weakest in six months, and is also well below the median forecast of 75 predicted by economists surveyed by Bloomberg News.
Consumer assessment for economic activity over the next six months declined to 71.5 in October following a revised 84.7 reading in September that was initially estimated as 84.1.
The private research group’s present situation index, a gauge of consumers’ view of current economic conditions, fell to 70.7 from a revised 73.5 that was originally reported as 73.2.
Economists’ consumer sentiment estimates ranged between 70 and 82 among the 74 economists surveyed by Bloomberg.
In separate Tuesday reports, home prices jumped more than estimate in August and retail sales excluding autos climbed in September.
Consumer sentiment about the job markets over the next six months are also less optimistic. People who think that hiring will increase in the future declined to 15.3 percent in October from 16.1 percent in the previous month, while those that anticipate that there will be less hiring jumped to 22.7 percent from 19.1 percent.