Consumers were spooked by the direction of the economy in
October, according to the monthly Discover US Spending Monitor.
According to The NY Post, the consumer-confidence numbers
dropped to two-year lows, with 57 percent of respondents polled in the monthly
survey saying that the economy was getting worse, a 9 percentage-point increase
from the previous month. The poll’s benchmark confidence number fell by 3.8
points, to 87.9 points, in October.
Consumers with children “were the biggest driver of
pessimism,” Discover officials said. Some 63 percent of respondents with
children at home felt economic conditions were getting worse. That’s compared
with 54 percent with no kids at home, according to the poll. And the percentage
of consumers who think the economy is good or excellent declined by 2
percentage points, to 15 percent, Discover said.
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