Conference Board Consumer Confidence (Oct. 16)

Despite the decline in the Conference Board index of consumer confidence in October, it is still at a level consistent with annualised consumption growth of more than 2.5%. Furthermore, given that the index was close to a nine-year high in September, the drop back this month simply brings it more into line with other measures of confidence. Accordingly, we would be wary of chalking this decline up to any last-minute election uncertainty.