NEW YORK, Oct. 26 (UPI) -- The Conference Board said Tuesday U.S. consumer confidence fell in October for the third consecutive month, declining to to 92.8 from 96.7 in September.
Wall Street economists had expected confidence to decline to 94 in October.
The board said its expectations index, which measures consumers' outlook over the next six months, declined to 92 from 97.7. The present situation index eased to 94.2 from 95.3.
"Subdued expectations, as opposed to eroding present-day conditions, were the major cause behind October's decline in consumer confidence," said Lynn Franco, director of The Conference Board's Consumer Research Center.
"And, while consumers' assessment of the labor market this month showed a moderate improvement, the gain was not sufficient to ease concerns about job growth in the months ahead," Franco added.
