Consumer Confidence Declines Again

New York, NY, October 30, 2007–The Conference Board Consumer Confidence Index, which has been declining since August, fell further in October. The Index now stands at 95.6 (1985=100), down from 99.5 in September.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.

“Consumer Confidence posted its third monthly decline and continues to hover at two-year lows,” said Lynn Franco, director of The Conference Board Consumer Research Center:

“Further weakening in business conditions has, yet again, tempered consumers’ assessment of current-day conditions and may very well be a prelude to lackluster job growth in the months ahead. In addition, consumers are growing more pessimistic about the short-term future and their rather bleak outlook suggests a less than stellar ending to this year.”

Consumers’ assessment of present conditions weakened further in October. Those claiming conditions are “good” decreased to 23.4% from 25.7%. However, those saying conditions are “bad” decreased to 16.3% from 17.8%. Overall, consumers were less upbeat in their appraisal of the job market. Those saying jobs are “hard to get” increased to 22.6% from 22.4%. Those claiming jobs are “plentiful” decreased to 24.1% from 25.6% in September.