Consumer confidence falls in October

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The Conference Board Consumer Confidence Index, which had declined in September, dropped further in October.

The index now stands at 47.7, down from 53.4 in September.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The cutoff date for October's preliminary results was Oct. 21.

"Consumers' assessment of present-day conditions has grown less favorable, with labor market conditions playing a major role in this grimmer assessment," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.

"In fact, the Present Situation Index is now at its lowest reading in 26 years," Franco added. "The short-term outlook has also grown more negative, as a greater proportion of consumers anticipate business and labor market conditions will worsen in the months ahead."

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