Consumer Confidence Hits a Record Low

Interestingly, plans to purchase a home increased to 2.7% of respondents from 2.3% in September, possibly reflecting lower prices.

Plans to purchase both a range and clothes dryer increased, possibly reflecting consumers' newfound ability to stand the heat.

Plans to travel abroad increased, reflecting the strengthening of the U.S. dollar.

Importantly, expectations on inflation 12 months hence increased to 6.9% from 6.2%, suggesting that the benefit of the recent plunge in energy prices has yet to sink in. The benefits of falling energy costs are still in the pipeline.