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Consumer Confidence Slides in October, Partly Due to Election

Consumer confidence takes a hit in October, due to rising prices and the upcoming election, according to one economist.

Consumer confidence tumbled in October partly due to some uncertainty surrounding the presidential election according to Ryan Wang, U.S. economist with HSBC. The Conference Board's Consumer Confidence Index fell to 98.6, which was less than forecast. Wang thinks an uptick in gas prices is also dampening confidence, but he notes that even with the drop, the confidence number is about where it was twelve months ago. He says as long as the jobs numbers hold up well, confidence numbers shouldn't weaken.

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