(Bloomberg) — US consumer confidence fell in October by more than expected to a three-month low as widespread inflation and growing concerns about the economic outlook weighed on Americans.
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The Conference Board’s index decreased to 102.5 from a 107.8 reading in September, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for a drop to 105.9.
A measure of expectations — which reflects consumers’ six-month outlook — dropped to 78.1, while the group’s gauge of current conditions plunged to 138.9, the lowest since April 2021.
The pullback in confidence underscores how high prices across the economy and growing concerns that aggressive interest-rate hikes by the Federal Reserve will tip the US into recession are weighing on consumers. And with just two weeks to go until midterm elections, it’s a worrisome sign for President Joe Biden and Democrats as they try to…