US consumer confidence falls in October to 5-month low

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence decreased in October, diving to its lowest level in five months, according to a New York-based research group.

The consumer confidence index, a leading indicator of consumer spending and economic activity, fell 1.7 points to 102.6, The Conference Board said Tuesday in a statement.

The index was expected to come in at 100.0, while the September figure was revised up to 104.3 from 103.0.

"Consumer confidence fell again in October 2023, marking three consecutive months of decline," said Dana Peterson, chief economist at the Conference Board. "Consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular."

"Consumers also expressed concerns about the political situation and higher interest rates. Worries around war/conflicts also rose, amid the recent turmoil in the Middle East," she added.

The expectations index, which is based on consumers’ short-term outlook for income, business and labor market conditions, fell slightly to 75.6 in October, following a decline to 76.4 in September.