Consumer confidence faded for the fifth straight week in a row, hitting its lowest level in more than a year as the nation's economic outlook shifted.
Per Bloomberg:
The Bloomberg Consumer Comfort Index fell in the period ended Oct. 27 to minus 37.6, the weakest reading since October 2012, from minus 36.1. While the end of the 16-day federal government shutdown helped stabilize a measure of outlooks for the economy, households grew more pessimistic about their finances and the buying climate.
“The combination of fiscal follies in the nation’s capital, slower economic activity and a deceleration in hiring clearly has impacted consumer confidence,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “While sentiment is likely to rebound in coming weeks, it may not rise to pre-crisis levels.”
