Consumer Confidence Drops in October

U.S. consumer confidence fell in October, according to the Conference Board's monthly consumer sentiment index released Tuesday.

The index for the month dropped to a reading of 47.7, down from a revised 53.4 reading in September. It reached a record low of 25.3 in February.

Economists had forecast that the confidence index would rise to 53.5 this month.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.