US consumer confidence declined more than initially was reported, and the value of the index is at its lowest level since 2014. The American consumers are less optimistic about current and future economic conditions immediately before the presidential election on November 8th. The final reading of the US consumer confidence data show that the index dropped from 91.2 points in September to 87.2 points in October, while the preliminary information showed a valued of 87.9 points.
The long-term inflation expectations declined to a new low.
The consumer sentiment in USA could continue to worsen since separate data for GDP report showed that consumer spending growth slowed in Q3 2016. Although the appointment of new employees is stable and wages increase, the uncertainty surrounding the election could keep the consumer confidence under pressure.
Asked about the prospects for the economy in the coming year, 35% of respondents say they expect good times, which is the smallest share of November 2013.
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