Consumer confidence drops for sixth consecutive week
Hits lowest level in a year
According to Bloomberg, consumer confidence in the U.S. dropped for the sixth week in a row, sinking to lowest level in a year as Americans struggled to make ends meet.
The Bloomberg Consumer Comfort Index declined to minus 37.9 in the week ended Nov. 3, the worst reading since October 2012, from minus 37.6. The one-week drop was the smallest since the partial government shutdown ended in the middle of last month.
“Concerns about personal finances and deterioration in the buying climate underscore further declines in consumer comfort,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “It will be interesting to see if the botched launch of Obamacare weighs on spending decisions.”