WASHINGTON — American consumers are feeling increasingly less confident these days as fears of an oncoming recession remain elevated.
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 102.6 from 104.3 in September. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The index measuring Americans short-term outlook for income, business and job market declined again, to 75.6 in October from 76.4 in September. Readings below 80 for future expectations historically signal a recession within a year.Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to the mood of consumers to gauge how it may affect the broader economy.