US consumer confidence dips slightly in October to 100.9

U.S. consumer confidence dipped slightly in October as coronavirus cases continue to rise across the country

Consumer Confidence (Copyright 2020 The Associated Press. All rights reserved)

U.S. consumer confidence dipped slightly in October as a new wave of coronavirus cases began across the country

The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September.

Consumer spending accounts for 70% of economic activity in the U.S., so a decline in confidence gets a lot of attention from economists, especially as the U.S. heads into the crucial holiday shopping season.

Consumer confidence tumbled to 85.7 in April as large swaths of the country went into lockdown to check infections. It had consistently been well above 100 in the months before that, with the index hitting 132.6 in February before the severity of COVID-19 infections became clear.