Economists may be saying that the economy is improving, but consumers seem to not have gotten the message.
The Consumer Confidence Index was 47.7% in October, down from 53.4% in September, The Conference Board reported today.
The New York City-based research organization's survey of 5,000 families also indicated that the Present Situation Index, which measures consumer assessment of current conditions, is 20.07%, down from 23 in September.
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"Consumers' assessment of present-day conditions has grown less favorable, with labor market conditions playing a major role in this grimmer assessment. In fact, the Present Situation Index is now at its lowest reading in 26 years," Lynn Franco, director of The Conference Board's Consumer Research Center said in a statement.
The percentage of consumers describing business conditions as "good" fell to 7.7% from 8.6% in September while those saying conditions are "bad" increased to 49.6% from 47% in September. Those stating jobs are "hard to get" increased to 49.6% from 47% in September, and those who said jobs are "plentiful" decreased to 3.4% from 3.6% in September.
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