Consumer confidence erodes further [View All]

[Zancan]

Continuing job worries drove consumer confidence lower in October for the third consecutive month, a New York-based private research group said today. The decline was steeper than expected.

The Consumer Confidence Index dropped 3.9 points to 92.8, down from a revised 96.7 in September, according to The Conference Board. Analysts had expected a reading of 94.

The October figure is the lowest since March, when the reading was 88.5. The index had been rising since April, before falling 3 points to 98.7 in August and another 2 points in September.

"Subdued expectations, as opposed to eroding present-day conditions, were the major cause behind October's decline in consumer confidence," said Lynn Franco, director of The Conference Board's Consumer Research Center. "And, while consumers' assessment of the labor market this month showed a moderate improvement, the gain was not sufficient to ease concerns about job growth in the months ahead."

http://www.chron.com/cs/CDA/ssistory.mpl/business/2867325