Shutdown Sinks Consumer Confidence

New York, NY, Oct. 29, 2013 -- U.S. consumer confidence fell sharply in October as consumers turned gloomier due mostly to the government shutdown and debt-ceiling crisis, according to the Conference Board.

The Conference Board said its index dropped to 71.2 in October from a revised 80.2 in September.

Economists had expected a reading of 75.0 in October.

Conference Board economist Lynn Franco said that "the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers' expectations."

The expectations index also sank to 71.5 in October from a revised 84.7 in September.