Summary
In October, consumer confidence in the U.S. fell slightly as people worried about their financial future. Inflation remains high, and job growth is slowing, which may affect economic stability. Companies like Amazon and Target announced layoffs as they adjust to changing economic conditions.
Key Facts
- The consumer confidence index dropped by 1 point to 94.6 in October.
- Americans’ short-term financial expectations fell to 71.5, which is below the level that might signal a recession.
- Inflation increased to 3% in September from a year earlier, according to the Labor Department.
- The Federal Reserve plans to cut interest rates amid concerns about the job market.
- The latest U.S. jobs report showed 22,000 jobs were added in August, with revisions removing 258,000 jobs from previous estimates.
- Recently, companies such as Amazon and Target announced plans to cut a significant number of jobs.
- Plans to buy new or used cars rose, while home purchase plans slightly declined.
