Consumer Confidence Dips in October

Consumer confidence declined this month, according to a preliminary monthly report by the University of Michigan, released Friday.

The preliminary consumer confidence index for October dipped to an 82 reading from 83.4 in September. It will be revised again at the end of the month.
 
Economists had forecast the reading to rise to 84 reading, Bloomberg reported.

The survey’s current conditions index, which reflects consumers’ likelihood of buying big-ticket items, rose to 98.2 from 97.9, the survey said.