Home Actualité internationale World News – US – Consumer confidence drops to 1,009 as virus spreads to United States
Actualité internationale

World News – US – Consumer confidence drops to 1,009 as virus spreads to United States

US consumer confidence dipped slightly in October as coronavirus cases continue to rise across the country

SILVER SPRING, Md – US consumer confidence dipped slightly in October as a new wave of coronavirus cases emerged across the country

The Conference Board announced on Tuesday that its consumer confidence index fell to 1,009, from 1,018 in September, but remains well below pre-pandemic levels This month’s moderate drop follows a sharp rise in September

Consumer spending accounts for 70% of economic activity in the US, so a drop in confidence is getting a lot of economists’ attention, especially as the US heads into the crucial holiday shopping season

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Consumer confidence fell to 857 in April, as large swathes of the country were stranded to control infections It had consistently been well above 100 in previous months, with the index reaching 1,326 in February before let the severity of COVID-19 infections become clear

Today, the average number of deaths per day nationwide has risen 10% in the past two weeks, from 721 to nearly 794 on Sunday, according to data from Johns Hopkins University Newly confirmed daily infections are increasing in 47 states, and deaths are on the rise in 34

The part of the index that measures current conditions – which is based on consumers’ assessment of current business and labor market conditions – also increased from 989 to 1046.However, consumers were less optimistic this month about the future, with the Expectations Index dropping to 984 in October from 1029 last month

Factors, including the recent increase in coronavirus cases across the US, as well as ever-higher job losses and uncertainty about next week’s presidential election, may have played a part role in consumers’ apprehension about the future

« All of the negativity that accompanies presidential campaigns tends to weigh on confidence in the month leading up to the election, » said Stephen Stanley, economist at Amherst Pierpont « Although some may also blame the rise in the virus »

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Consumer Confidence Index, Consumers

Global news – United States – Consumer confidence drops to 1009 as virus spreads to United States


SOURCE: https://www.w24news.com

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