Consumer Confidence in U.S. Declines to More Than One-Year Low

(Bloomberg) Consumer confidence eroded for a fifth straight week, reaching the lowest level in more than a year as pessimism about the economy chipped away at views of conditions closer to home.

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 slump in sentiment during the gridlock over the federal budget and debt ceiling has been deeper than both of the previous two shutdowns in 1995 and 1996. More pessimism among the jobless shows limited employment opportunities are weighing on consumer attitudes about making purchases.

“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.” ..................(more)

The complete piece is at: http://www.bloomberg.com/news/2013-10-31/consumer-confidence-in-u-s-declines-to-more-than-one-year-low.html