Consumer confidence plummeted to an all-time low in October as Wall Street turmoil hit consumers on Main Street.
The Conference Board Consumer Confidence Index plunged to 38 in October from 61.4 in September, falling far below economists' expectations of 55.
The decline was due mostly to the turmoil that has hit the financial sector in recent months.
"The impact of the financial crisis over the last several weeks has clearly taken a toll on consumers' confidence," said Lynn Franco, Director of The Conference Board Consumer Research Center.
According to High Frequency Economics Chief U.S. Economist Ian Shepherdson, the "astonishing plunge in gas prices" could offset some of the decline in consumer confidence caused by market turmoil. Still, Shepherdson remains pessimistic about consumer sentiment.
"Make no mistake ... these [consumer confidence] numbers are extraordinarily awful," Shepherdson wrote in a research note.
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