Oct. consumer confidence slips unexpectedly

Consumers’ confidence about the U.S. economy fell unexpectedly in October, as job prospects remained bleak, a private research group says, fueling speculation that an already gloomy holiday shopping forecast could worsen. The Consumer Confidence Index, released by the Conference Board, sank unexpectedly to 47.7 in October — its second-lowest recording since May. Wall Street analysts predicted a reading of 53.1. A reading above 90 means the economy is on solid footing. A reading above 100 signals strong growth. The index has seesawed since reaching a historic low of 25.3 in February and climbed to 53.4 in September. Shoppers have a grim outlook for the future, the Conference Board says, expecting a worsening business climate, fewer jobs and lower salaries. That’s particularly bad news for retailers who depend on the holiday shopping season for a hefty share of their annual revenue.