Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Shutdown, Debt Ceiling Took Toll On October Consumer Confidence
NEW YORK, N.Y. (10/30/13)--A key measure of consumer confidence fell to record lows in the wake of the government shutdown and debt-ceiling negotiations.

The Conference Board, a New York-based research firm, released data on Tuesday showing its consumer confidence index fell in October to 71.2, down from a revised 80.2 in September.

The index was measured at its lowest level in six months after taking its biggest month-to-month plunge since August 2011 (Bloomberg.com Oct. 29).

The decline was also more severe than analysts expected. A median forecast of economists polled by Bloomberg predicted that the measure would only fall to 75.
 
Consumers' sour mood isn't expected to improve anytime soon, the Confidence Board said, citing the temporary nature of the agreement passed by Congress on Oct. 16 (MarketWatch Oct. 29). Another round of negotiations is set to take place in January and February, when, respectively, the government will run out of money and a debt-ceiling breach is expected.

While a component of the index measuring consumers' views of the present economic situation fell to 70.7 from 73.5 this month, a measurement of their expectations dropped to 71.5 from 84.7--the lowest that expectations have been since March (Moody's Economy.com Oct. 29).

The Conference Board consumer confidence index takes into account both consumers' view of current conditions and their expectations of future well-being.


RSS print
News Now LiveWire
#Halloween, #creditunions, a boo-tiful pair #NewsNow http://t.co/h0ZfAcN9PW
12 minutes ago
Monetary effect of #HomeDepotBreach on Ohio #creditunions gets press in @TheBizJournal http://t.co/3E07NXT696 @OhioCreditUnion
14 minutes ago
Consumer trust in #creditunions remains consistent. Banks? Less so, says @HarrisPoll See #NewsNow http://t.co/ktljPRzt3W
59 minutes ago
#SupremeCourt to hear mortgage rescission case Tuesday. See #NewsNow http://t.co/KbWoWtzQRD
1 hours ago
Of $1.3B in payments through mobile devices, 90% occurred at @Starbucks stores http://t.co/MN49JR1NXK
16 hours ago