New York, NY, October 25, 2005 -- Already battered consumers have lost even more confidence in the economy during October as they contended with hurricanes, surging gasoline prices and worries about the job market.
The Conference Board, which tracks consumer sentiment, said its Consumer Confidence Index fell to 85 in October from a revised reading of 87.5 in September, which marked the sharpest drop in 15 years. Analysts had expected a reading of 88 for the index which is compiled from a survey of U.S. households.
''Much of the decline in confidence over the past two months can be attributed to the recent hurricanes, pump shock and a weakening labor market,'' said Lynn Franco, director of the private research group's Consumer Research Center in a statement. She added that the ''degree of pessimism, in conjunction with the anticipation of much higher home heating bills this winter, may take some cheer out of the upcoming holiday season.''
