Consumer confidence drops for third consecutive month

Americans are losing confidence about the economic outlook.

For the third month in a row, the Conference Board’s Consumer Confidence Index fell — dropping to 102.6 in October from an upwardly revised 104.3 in September. The index is at its second-lowest level this year, landing a hair above May’s 102.5 reading, according to Conference Board data.

October’s decline came as “consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular,” Dana Peterson, chief economist at the Conference Board, said in a statement on Tuesday. “Consumers also expressed concerns about the political situation and higher interest rates,” she said, adding that the Israel-Hamas war also impacted consumers’ views on the economy.

This is a developing story and will be updated.