News
Tight Labor Market Weighs On Consumer Confidence This Month
American’s confidence in the country’s economy dropped to a three-month low in October preceding the presidential election next month.
Although consumer confidence is still near its post-recession peak, it dropped this month to 98.6 from September’s 103.5, according to the Consumer Confidence Index.
With the labor market tightening as it reaches full capacity, more and more Americans are finding the job market less plentiful, and the present situation index—which measures current conditions—dropped to 120.6 from 127.9 last month, MarketWatch reports.
“Overall, sentiment is that the economy will continue to expand in the near term, but at a moderate pace,” Conference Board director Lynn Franco said. [MW]
