Consumer confidence tumbles in October on job concerns

Despite impressive gains in U.S. stock markets, consumers continue to exhibit a wait-and-see stance toward the country's economy. Consumer confidence unexpectedly plunged in October to 47.7 from 53.4 in September, The Conference Board announced Tuesday, led by citizens' concern about jobs.

A Bloomberg News survey of economists had expected the index to rise to 54.0 in October from a revised 53.4 in September. It totaled 54.5 in August, 47.4 in July, and 44.8 in June. The index hit a record low of 25.3 in February. (Base year, 1985=100.)

Also, the present-situation index declined to 20.7 in October from 23.0 in September, and is now at its lowest level in 26 years.