Consumer Confidence Declines for Third Straight Month as Recession Fears Grow
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Consumer confidence declined for the third consecutive month in October 2023, reflecting more pessimistic views on current and future business conditions.
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Consumers remain concerned about high inflation, rising interest rates, political instability, and the likelihood of a recession in 2023.
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The Present Situation Index fell as assessments of current business conditions worsened. The Expectations Index also declined as outlooks for jobs and incomes softened.
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Two-thirds of consumers still believe a recession is somewhat or very likely in the next 12 months.
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Despite weakening confidence, consumers have continued spending at a healthy clip through the third quarter of 2023.