Economic Buzz: US consumer confidence edges lower in October

Consumer confidence in the U.S. saw a modest deterioration in the month of October, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index dipped to 94.6 in October from an upwardly revised 95.6 in September.

The modest decrease by the headline index came as the expectations index slid to 71.5 in October from 74.4 in September, falling further below the threshold of 80 that typically signals a recession ahead.

Meanwhile, the Conference Board said the present situation index climbed to 129.3 in October from 127.5 in September.

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