Americans Less Likely to Spend

According to a recent Forbes report Americans are less likely to spend money due to the hurricanes, rise in gasoline prices, and job market worries. The Consumer Confidence Index fell to 85 for this past October. This is the lowest level the index has reported since October 2003, and down from 87.5 from this past September. This is the sharpest decline in 15 years. The unexpected decline in consumer confidence came as a surprise to analysts, who were expecting an increase to 88.

Do you think this consumer pessimism will continue to rise even after the huricanne season is over? What effect will this have on the up coming holiday season?