⁍ Consumer confidence dropped sharply in October in three U.S. states considered crucial for Republican President Donald Trump’s re-election.
⁍ The Conference Board’s findings came ahead of next Tuesday’s fiercely contested battle for the White House between Trump and Democratic nomineee Joe Biden.
– Consumer confidence dropped sharply in October in three states considered crucial for Republican President Trump’s re-election as fears about the economy’s outlook mounted, according to a survey on Tuesday. The Conference Board’s findings came ahead of next Tuesday’s fiercely contested battle for the White House between Trump and Democratic nominee Joe Biden, Reuters reports. Trump is trailing the former vice president in national opinion polls. Consumer confidence in Florida dropped to a reading of 100.3 this month from 114.4 in September. Though confidence has rebounded after slumping as the COVID-19 pandemic swept across the state, it is near levels seen just before the 2016 election. In Pennsylvania, consumer confidence tumbled to a reading of 92.0 from 115.5 in September. Consumer confidence in Michigan fell to 119.2 in October from a reading of 124.1 in the prior month. Confidence in the three swing states was dragged by declines in consumers’ expectations. “The numbers can be choppy, but this does not bode well for Donald Trump’s chances of re-election and with incomes being squeezed and COVID-19 cases on the rise, neither for the economy,’ said James Knightley, chief international economist at ING in New York.
Source: https://www.reuters.com/article/usa-economy-confidence-politics/consumer-confidence-falls-in-us-swing-states-ahead-of-presidential-election-idUSKBN27D08H