Input Stories

Americans’ confidence in the economy declined in October, CNN reports.

What’s going on: “For the third month in a row, the Conference Board’s Consumer Confidence Index fell—dropping to 102.6 in October from an upwardly revised 104.3 in September. The index is at its second-lowest level this year, landing a hair above May’s 102.5 reading, according to Conference Board data.”

• The dip came amid rising prices, particularly in groceries and gasoline, higher interest rates and Middle East instability.

However … The recent end of the autoworker strikes “will probably improve consumer confidence in the next release.”

By age and income: Consumers under age 35 reported feeling more optimistic about the economy, while those with household incomes between $25,000 and $35,000 saw the sharpest decline in optimism.

• Consumers with household incomes between $100,000 and $125,000 saw the largest increase.

Recession worries: “Despite the remarkable third-quarter gross domestic report that showed the economy grew at an annualized rate of nearly 5% as consumer spending remained robust in the face of high interest rates, Americans aren’t ruling out a recession.”

• More than two-thirds of consumers said in October that they think a recession is either “likely” or “very likely.”