According to The Washngton Post, consumer confidence fell unexpectedly in early October, “painting a bleak picture for an economy driven by consumer consumption.”
The Conference Board’s consumer confidence index slipped to 47.7 in early October from 53.4 in September.
The number has to reach 90 before the economy is considered — at least by this index — to be solid.
The consumer confidence number is being driven lower by the high unemployment rate. The official U.S. unemployment rate is 9.8 percent, but the percentage of workers including those who have given up looking for work or are working part time when they want to work full time is now at 17 percent.
