Consumer confidence retreated slightly in October

Economic IndicatorsAssociated Press

American consumers felt less confident this month, but the small retreat came after confidence had risen to a 20-month high in September.

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The Conference Board says consumer confidence slipped to 98.6 this month after rising to 103.5 in September. The September reading was the highest since confidence stood at 103.8 in January 2015. The September confidence number was revised down from an initial estimate of 104.1, which had been the highest in nine years.

The lower October reading reflected a drop in consumers' assessment of current business conditions and employment prospects.

Even with the small decline, consumer confidence was still at a level expected to support consumer spending and economic growth in coming months.