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Consumer confidence at lowest level since 1993

Tuesday, Oct. 29, 2002 | 9:51 a.m.

NEW YORK -- Consumer confidence in the economy plunged in October to the lowest level since 1993, buffeted by a weak job market and the threat of war with Iraq, researchers said today.

The Conference Board's Consumer Confidence Index dropped to 79.4, down from 93.7 in September. The fall was sharper than predicted on Wall Street, where economists had been looking for a reading of 90.0.

It was the fifth straight month of decline for the confidence index, which is widely watched because of the importance of consumer spending for the overall economy.

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