Consumer Confidence drops for second straight month
By Furniture Today Staff -- Furniture Today, November 2, 2009
NEW YORK — The Consumer Confidence Index declined for a second straight month in October to 47.7, down from 53.4 in September, according to The Conference Board.
The Present Situation Index decreased to 20.7 from 23.0 — its lowest reading in 26 years — while the Expectations Index fell to 65.7 from 73.7 in September (1985=100).
“Consumers' assessment of present-day conditions has grown less favorable, with labor market conditions playing a major role in this grimmer assessment,” said Lynn Franco, director of The Conference Board's Consumer Research Center. She said the Present Situation Index is at its lowest reading since February 1983, when it hit 17.5.
“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,” Franco added.
The Consumer Confidence Survey is based on a sample of 5,000 U.S. households. The cutoff date for October's preliminary results was Oct. 21.
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