NEW YORK, Oct. 25 (UPI) -- U.S. consumer confidence, which dropped in September, also fell in October, an industry group reported Tuesday.
The Conference Board said its index of consumer confidence dropped to 85 from September's 87.5. Economists had expected the index to rise this month to more than 88.
"Much of the decline in confidence over the past two months can be attributed to the recent hurricanes, pump shock and a weakening labor market," said Lynn Franco of the board.
"Consumers' assessment of current conditions, however, remains above readings a year ago, but their short-term expectations are significantly below last October's level. This degree of pessimism, in conjunction with the anticipation of much higher home heating bills this winter, may take some cheer out of the upcoming holiday season. In order to avoid a blue Christmas, retailers will need to lure shoppers with sales and discounts."
