American consumer confidence takes a hit in October

U.S. consumers confidence has waned this month as concerns about inflation took hold again after receding somewhat 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 the costs 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.

The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions —- dipped to 78.1 from 79.5 last month.

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