Investing.com - U.S. consumer confidence fell to a six-month low in October, underlining concerns over the U.S. economic outlook, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence dropped to 71.2 in October from a reading of 80.2 in September, whose figure was revised up from 79.7.
Analysts had expected the index to fall to 75.0 this month.
The Present Situation Index decreased to 70.7 from 73.5. The Expectations Index fell to 71.5 from 84.7 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers’ expectations.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.19% to trade at 1.3760.
Meanwhile, U.S. equity markets remained higher. The Dow Jones Industrial Average rose 0.3%, the S&P 500 index added 0.2%, while the Nasdaq Composite index inched up 0.1%.
In a report, the Conference Board, a market research group said its index of consumer confidence dropped to 71.2 in October from a reading of 80.2 in September, whose figure was revised up from 79.7.
Analysts had expected the index to fall to 75.0 this month.
The Present Situation Index decreased to 70.7 from 73.5. The Expectations Index fell to 71.5 from 84.7 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers’ expectations.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.19% to trade at 1.3760.
Meanwhile, U.S. equity markets remained higher. The Dow Jones Industrial Average rose 0.3%, the S&P 500 index added 0.2%, while the Nasdaq Composite index inched up 0.1%.