Soaring COVID-19 case counts throughout the US dragged consumer confidence to an eight-week low.
The decline follows steady gains in September and comes as rising coronavirus cases revive concerns of another economic shutdown.The resurgence of COVID-19 cases in the US dragged consumer sentiment to its lowest point since August. While less frequently updated economic indicators show the US maintaining a steady pace of recovery, soaring coronavirus case counts risk curtailing the rebound. France and Germany announced partial lockdowns on Wednesday to stem the virus's spread in Europe.
Worsening sentiments among Republicans fueled most of the index's recent declines. Republicans' confidence in the economy sits at 63.6, its lowest point since August. Still, the reading stands well above Democrats' figure of 40.9 and independents' reading of 40.7.grew a record 33.1%
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