US consumer confidence slips to six-month low; worries over job availability rising
Source: Reuters
WASHINGTON, Oct 28 (Reuters) - U.S. consumer confidence eased to a six-month low in October amid worries about the availability of jobs in the near-term, offering more ammunition for the Federal Reserve to cut interest rates again on Wednesday.
The Conference Board survey on Tuesday also confirmed what economists describe as a K-shaped economy, with confidence declining among consumers making an annual income of less than $75,000, but consumers earning more than $200,000 a year more upbeat. Economists argue that high-income households are keeping the economy afloat through robust consumer spending.
Lower-income households are struggling to make ends meet amid higher prices, including from President Donald Trump's broad tariffs on imports, economists say. The Conference Board said references to prices and inflation in write-in comments to the survey remained the main topic influencing consumers' views of the economy this month. It said while the mention of tariffs declined, the number of references remained elevated.
"Consumers are weary and for good reason, the stock market records are not helping them get jobs or put food on the table, and with store-bought goods inflation still rising, many Americans are being left behind in Trump 2.0," said Christopher Rupkey, chief economist at FWDBONDS.
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Read more: reuters.com
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