U.S. consumer confidence dipped slightly in October as a new wave of coronavirus patients appeared across the country. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September, but still remains well below pre-pandemic levels. Consumer spending accounts for 70 percent of economic activity in the U.S., so a decline in confidence gets a lot of attention from economists, especially as the U.S. heads into the crucial holiday shopping season. However, consumers were less optimistic this month about the future, as the expectations index dipped to 98.4 in October from 102.9 last month. “All of the negativity that accompanies presidential campaigns tends to weigh down on confidence in the month before an election,” said Stephen Stanley, an economist with Amherst Pierpont.

Source: The Standard October 27, 2020 14:37 UTC