“Consumers’ assessment of the current state of the economy is relatively unchanged, primarily because labor market conditions have yet to significantly improve,” said Lynn Franco, director of the Conference Board’s consumer research center, in a statement Tuesday.
Although economists declared that the recession officially ended last year, the nation’s employment market remains weak. Earlier this month, the government reported that nonfarm payrolls fell 95,000 during September, while private-sector payrolls gained a modest 64,000.
Economists polled by MarketWatch had expected a confidence reading of 50 for October.
The Conference Board’s index helps analysts compare fluctuations in confidence, with a reading of 100 for the base year of 1985. Generally when the economy is growing at a good clip, confidence readings are at 90 and above. (more)