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.
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.”