Consumer confidence dropped nine points in October
By Staff -- Purchasing, 12/10/1998 7:00:00 AM
Consumer confidence dropped nine points in October, representing a fourth consecutive monthly decline and the first monthly decline in both current and future expectations indexes. Still, other consumer data suggests that individual shoppers continue to shell out cash at an almost breakneck pace. Evidence: October retail sales advanced 1% (0.5% excluding autos), compared to a consensus forecast of 0.5%. Consumer credit rose $8.4 billion in September, representing a 7.9% annualized growth rate. The combination of slowing income growth plus rising spending cut 0.2% from savings in September, the first negative reading for this indicator in nearly 40 years. What's more, the nation's auto dealers and sellers of consumer electronics gear continue to report solid shopper traffic.
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