Consumers were spooked by the direction of the economy in October, according to the monthly Discover US Spending Monitor.
According to The NY Post, the consumer-confidence numbers dropped to two-year lows, with 57 percent of respondents polled in the monthly survey saying that the economy was getting worse, a 9 percentage-point increase from the previous month. The poll’s benchmark confidence number fell by 3.8 points, to 87.9 points, in October.
Consumers with children “were the biggest driver of pessimism,” Discover officials said. Some 63 percent of respondents with children at home felt economic conditions were getting worse. That’s compared with 54 percent with no kids at home, according to the poll. And the percentage of consumers who think the economy is good or excellent declined by 2 percentage points, to 15 percent, Discover said.