US consumer confidence hit in October

US consumer confidence plummeted this month.

This is due to concerns about inflation after having eased somewhat in recent months.

Let us tell you that the Conference Board told on Tuesday that its Consumer Confidence Index fell to 102.5 in October,

Whereas it was 107.8 in September.

Consumers have gained more confidence in the last two months

Because rising gas prices had moderated slightly, while the cost of other essential commodities remained high.

The Business Research Group's Current Situation Index – which measures consumers' assessments of current business and labor market conditions

It fell sharply from 150.2 in September to 138.9.

Senior Director Lynn Franco said a reading below 80 for the expectations index is a bearish level, suggesting risk is gaining momentum.