Consumer confidence, which rose somewhat in September, reversed course and fell to its all-time low in October, according to the Conference Board Consumer Confidence Index.
The index now stands at 38.0, down sharply from 61.4 a month earlier.
Two related indices also fell in October. The Expectation Index declined to 35.5 from 61.5 the month previous. The Present Situation Index decreased to 41.9 to 61.1 in the period. (The indices use 1985 = 100 as their base.)
"The decline in the Index is the third largest in the history of the series and the lowest reading on record," said Lynn Franco, director of The Conference Board Consumer Research Center. "Looking ahead, consumers are extremely pessimistic, and a significantly larger proportion than lat month foresees business and labor market conditions worsening," Franco added. Read the complete news release here.