Consumer Confidence Sinks to Recession-Era Levels

After showing improvement in September, the Conference Board Consumer Confidence Index fell in October, according to the Conference Board Consumer Research Center.

“Consumer confidence is now back to levels last seen during the 2008–2009 recession,” said Lynn Franco, director of the Center, in a statement. “Consumer expectations, which had improved in September, gave back all of the gain and then some, as concerns about business conditions, the labor market and income prospects increased.”

The index is now at 39.8, down from 46.4 in September. The Present Situation Index decreased to 26.3 from 33.3. The Expectations Index declined to 48.7 from 55.1 last month.

Other findings from the index:

  • Business conditions are “bad”:  43.7%, up from 40.5%
  • Business conditions are “good”: 11%, down from 12.1%
  • Jobs are “plentiful”: 3.4%, down from 5.6%
  • Jobs are “hard to get”: 47.1%, down from 49.4%
  • Business conditions to improve over the next six months: 9.1%, down from 11.8%
  • Business conditions to worsen: 21.5%, down from 21.9%
  • Expecting more jobs in the coming months: 11.3%, down from 11.9%
  • Expecting fewer jobs: 27.4%, down from 28.6%
  • Anticipating an increase in their incomes: 10.3%, down from from 13.5%

Nielsen conducts the monthly Consumer Confidence Survey, based on a probability-design random sample, for the Conference Board.

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