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Consumer confidence retreats in October

U.S. consumers were feeling less optimistic about the economy in October, according to a report released Tuesday.

The Conference Board's Consumer Confidence Index fell to 97.6 in October, missing estimates. Economists polled by Reuters expected a reading of 103. September's reading was 102.6.

"Consumer confidence declined in October, following September's modest gain," said Lynn Franco, Director of Economic Indicators at The Conference Board.

"Consumers were less positive in their assessment of present-day conditions, in particular the job market, and were moderately less optimistic about the short-term outlook. Despite the decline, consumers still rate current conditions favorably, but they do not anticipate the economy strengthening much in the near-term."

Consumers who said business conditions are "good" decreased from 28.1 percent to 26.5 percent, while those claiming business conditions are "bad" increased from 16.4 percent to 18.3 percent.

They were also less upbeat about the job market. Those stating jobs are "plentiful" decreased from 24.8 percent to 22.2 percent, while those claiming jobs are "hard to get" edged up to 25.8 percent from 24.9 percent.

The monthly consumer confidence survey is conducted by Nielsen for The Conference Board.