Consumer Confidence Hits Record Low

It seems retailers aren’t the only ones predicting a slow holiday shopping season…

WSJ: U.S. consumer confidence fell to an all-time low in October, after a slight rise a month earlier, and expectations are even bleaker, a report released Tuesday said.

The Conference Board, a private research group, said its index of consumer confidence for October dropped to 38.0, compared with a revised reading of 61.4 in September. Economists surveyed by Dow Jones Newswires expected a reading of 51.5.

The 23.4 point drop in the index was the third largest monthly drop in the series’ history, the board said.

The consumer expectations index for the state of economic activity over the next six months declined to 35.5 in October from 61.5 in September.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.