US consumer confidence falls to 98.6 in October

The Conference Board Consumer Confidence Index declined to 98.6 in October down from 103.5 in September.     

This reading is well below expectations of 101.00. The Present Situation Index decreased from 127.9 to 120.6, while the Expectations Index declined from 87.2 last month to 83.9.    

"Consumer confidence retreated in October, after back-to-back monthly gains," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Consumers' assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat. However, consumers' expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace."