Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Consumer confidence slipped in October amid persistent pessimism about job availability and rising worries about income prospects and future business conditions. Inflation expectations also ticked slightly higher.Holding Pattern
Consumer confidence came in at 94.6 in October, the third consecutive monthly decline. Slight solace comes from the fact that last month’s measure was upwardly revised to 95.6 from 94.2, leaving consumers sitting about where we thought they were last month. Consumers’ assessment of their current situation ticked up slightly, while their future expectations declined (chart). Though things haven’t exactly gotten better, they haven’t gotten particularly worse, either.