U.S. Consumer Confidence Declines

Washington, Muharram 24, 1438, October 25, 2016, SPA—U.S. consumer confidence weakened in October following gains the previous two months, a private-sector research organization reported Tuesday.
The Conference Board said its consumer-confidence index fell to 98.6 this month from 103.5 in September. The drop was bigger than economists expected.
“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat,” Conference Board indicators director Lynn Franco said in a statement.
“However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near term, but at a moderate pace,” Franco wrote.
Economists closely watch consumer-confidence indexes for clues on consumer spending, which accounts for 70 percent of U.S. economic activity.
19:07 LOCAL TIME 16:07 GMT