Consumer confidence edges lower as consumers stay guarded heading into winter
by National Marine Manufacturers Association 29 Oct 17:58 PDT
U.S. consumer confidence eased slightly in October, slipping to 94.6 from a revised 95.6 in September, according to the latest report from The Conference Board released yesterday. While the headline number remains relatively stable, economists note optimism about future conditions continues to lag, signaling persistent caution among households.
Similar to the Conference Board report, the University of Michigan Consumer Sentiment report also found little change to the month-over-month index, with modest increases to the current personal financial situation index and a decrease in personal financial expectations for the future. In this report, there was also little evidence the current shutdown of the federal government was top of mind for consumers, as only 2% of respondents spontaneously referenced the situation.
Notably, confidence improved among households earning $75,000 or more, indicating higher-income consumers remain relatively resilient. For industries tied to discretionary spending, like recreational boating, this segment often drives early signals of recovery in big-ticket purchases and leisure spending.
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