U.S. Consumers Lose Confidence on Their Finances
(Bloomberg) — A weekly measure of U.S. consumer confidence fell to a seven-week low on significant declines in attitudes toward the economy and buying climate — just about two weeks before the presidential election.
A measure of confidence in the economy dropped 1.5 points from its six-month high in the prior week. This was the seventh consecutive month where four in 10 Americans or more said the economy is getting worse, the longest since a two-year streak during the Great Recession.
The Bloomberg monthly economic expectations index rose to a seven-month high of 43 in October, as a smaller share of respondents said the economy was getting worse.
Expectations of the economy are largely partisan ahead of the election. Among Democrats, 60% say the economy is getting worse compared to 39% of independents and 22% of Republicans.
The index saw a 7.8 point decrease since Sept. 20 among Americans with a household income of $100,000 or more.