U.S. Consumer Confidence Decreased in October

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Oct. 29 (Bloomberg) -- The Conference Board’s index fell to 71.2 in October from 80.2 the month prior, the New York-based private research group said today. The median forecast in a Bloomberg survey of economists called for a reading of 75. Michael McKee reports on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Am stephanie ruhle.

We're today's from halloween.

Sara eisen is here.

Erik schatzker is out on assignment.

We do have some breaking news.

We want to go right to the conference floor.

It is a mixed bag.

Michael mckee is in the newsroom with the numbers.

Maybe a shutdown effect?

People look at what is going on in the headlines of madness how they respond to the confidence numbers.

There particularly bad.

There is a big drop.

It is now 71 .2. that is the biggest drop we've seen in quite some time.

We see declines in business condition expectations.

There are declines in job expectations of well.

People think there will be fluent -- fewer jobs.

They think their incomes will increase.

That is an interesting dynamic.

The higher income will spur consumer spending.

They may see a little bit better news in 2014. that is something to hold onto.

For the moment, not particularly good news.

The relationship between confidence and spending is tenuous.

I was going to ask about that.

Typically we have seen that confidence takes a bigger hit than actual consumer spending or retail sales.

This is an october number.

We just got the september report.

Confidence declined in september as well.

The numbers were pretty decent.

People tend to look at the headlines and what is going on in the news.

The government shutdown influenced this.

The worldview is not good.

They make spending decisions based on how they feel about their own prospects.

It incomes are up, that is good news.

Michael mckee with those breaking numbers on consumer confidence.

We're seeing stocks holding onto gains.

They only seem to want to go

This text has been automatically generated. It may not be 100% accurate.

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