U.S. consumer confidence declined in October for the third consecutive month, the Conference Board’s Consumer Confidence Index reported Tuesday.
October’s 102.6 score is the second lowest registered by the index since May, when it sat at 102.5.
According to the Conference Board’s chief economist Dana Peterson, the declining confidence comes as “consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular” as well as “concerns about the political situation and higher interest rates.”
However, analysts say the recent deals the United Auto Workers labor union struck with the Big Three U.S. automakers will likely boost consumer economic confidence in the month to come.
