American consumer confidence takes a hit in October

By MATT OTT
AP Business Reporter

WASHINGTON (AP) — U.S. consumers were less confident this month as concerns about inflation took hold again after receding in recent months. The Conference Board reported Tuesday that its consumer confidence index fell to 102.5 in October, from 107.8 in September. Consumers had grown more confident in the two previous months as rising gas prices moderated slightly even as prices for other essential items remained elevated. The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — fell sharply to 138.9 from 150.2 in September. Consumers’ outlook for the near-term also declined.