FXstreet.com (Barcelona) - Consumer confidence fell to the level of 80.9 points in October, from the 83.4 points registered in September, according to the latest report by University of Michigan.
The market consensus was a smaller decline to the level of 82.0 points. Current Conditions Index dropped to the level 97.6 points in October from the 97.9 points posted in September. Expectations registered a reading of 70.1 points in October, down from the 74.1 points in previous month.
The decline in confidence was mostly due to the decreasing home prices. The report also remarks that confidence index remains above the level which signals imminent recession.