Consumer Confidence Drops Sharply
NEW YORK (AP) _ Consumer confidence fell sharply in October to its lowest level in a year, a potentially worrisome sign for the approaching holiday retail season.
The New York-based Conference Board said its Consumer Confidence Index now stands at 135.2, a steep drop from the revised 142.5 reported in September and the record high of 144.7 registered in May and January.
The Conference Board index, based on a monthly survey of some 5,000 U.S. households, is closely watched because consumer spending accounts for about two-thirds of the nation’s economic activity. The index compares results to its base year, 1985, when it stood at 100.