Investing.com – U.S. consumer confidence fell sharply in October, hovering close to levels last seen at the height of the 2008 financial crisis, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 6.8 points to 39.8 in October from a reading of 46.6 in September, whose figure was revised up from 45.4.
Analysts had expected the index to decline by 0.6 points to 46.0 in October.
The report showed that the Present Situation Index decreased to 26.3 from 33.3, while Consumer Expectations Index declined to 48.7 from 55.1 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence is now back to levels last seen during the 2008-2009 recession.”
She added that, “The Present Situation Index posted its sixth consecutive monthly decline, as pessimism about the current economic environment continues to grow."
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.36% to trade at 1.3879.
Meanwhile, U.S. equity markets added to losses after the open. The Dow Jones Industrial Average dropped 1.15%, the S&P 500 index sank 1.35%, while the Nasdaq Composite index fell 1.05%.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 6.8 points to 39.8 in October from a reading of 46.6 in September, whose figure was revised up from 45.4.
Analysts had expected the index to decline by 0.6 points to 46.0 in October.
The report showed that the Present Situation Index decreased to 26.3 from 33.3, while Consumer Expectations Index declined to 48.7 from 55.1 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence is now back to levels last seen during the 2008-2009 recession.”
She added that, “The Present Situation Index posted its sixth consecutive monthly decline, as pessimism about the current economic environment continues to grow."
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.36% to trade at 1.3879.
Meanwhile, U.S. equity markets added to losses after the open. The Dow Jones Industrial Average dropped 1.15%, the S&P 500 index sank 1.35%, while the Nasdaq Composite index fell 1.05%.