U.S. Consumer Comfort Fell to Seven-Week Low Ahead of Election

A weekly measure of U.S. consumer confidence fell to a seven-week low on significant declines in attitudes toward the economy and buying climate -- just about two weeks before the presidential election.

The Bloomberg Consumer Comfort Index fell 1.6 points to 46.6 last week, data released Thursday showed. Americans‘ optimism about their personal finances declined 1.3 points to 60.3, its lowest point since August, while a measure of comfort in the buying climate decreased 2.1 points. Such a decline means that American’s may be growing cautious about their spending.

A measure of confidence in the economy dropped 1.5 points from its six-month high in the prior week. This was the seventh consecutive month where four in 10 Americans or more said the economy is getting worse, the longest since a two-year streak during the Great Recession.

The Bloomberg monthly economic expectations index rose to a seven-month high of 43 in October, as a smaller share of respondents said the economy was getting worse.

Expectations of the economy are largely partisan ahead of the election. Among Democrats, 60% say the economy is getting worse compared to 39% of independents and 22% of Republicans.

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The pessimism last week was concentrated among Americans with a household income of $100,000 or more. The index saw a 7.8 point decrease among the cohort.

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