The consumer confidence index declined to 39.8 in October from an upwardly revised 46.4 last month, the Conference Board reported Tuesday.
Economists polled by Thomson Reuters predicted the index would be 46.5.
The September index was originally reported as 45.4.
The present situation index fell to 26.3 from an upwardly revised 33.3, originally reported as 32.5, while the expectations index dropped to 48.7 from an upwardly revised 55.1, originally reported as 54.0.
“Consumer confidence is now back to levels last seen during the 2008-2009 recession,” said Lynn Franco, director of board’s Consumer Research Center. “Consumer expectations, which had improved in September, gave back all of the gain and then some, as concerns about business conditions, the labor markets and income prospects increased.”
“Consumers’ assessment of present-day conditions did not fare any better,” she added. “The present situation index posted its sixth consecutive monthly decline, as pessimism about the current economic environment continues to grow.”
