Oct 27, 2010

Consumer confidence ticks up in OctoberBy Annalyn CenskyMoney.CNN.com

New York, NY – Americans got slightly more optimistic about the economy in October, but still have an overwhelmingly gloomy outlook, according to the latest reading on consumer morale.

The Consumer Confidence Index rose to 50.2 in October, up from 48.6 in September, the Conference Board, a New York-based research group that compiles the index, said Tuesday.

High unemployment and unfavorable business conditions have dragged the index down to a painfully low level, far below 90 — the level which indicates a stable economy. Overall, the index has been volatile, not trending in any one direction for more than three months in a row this year.

“Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels,” Lynn Franco, director of The Conference Board Consumer Research Center said in a release.

Economists surveyed by Briefing.com had expected the index to barely tick up to 49, so the news was a bit better than expected.

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