US consumer confidence dropped after five months growth

U.S. consumer confidence fell back more than expected in October, dampening optimism over the health the U.S. economy, industry data showed on Tuesday. The index had been on a big run-up for the past 5 months. 
In a report, the Conference Board, a market research group, said its index of consumer confidence fell to 98.6 this month from a reading of 103.5 in September, whose figure was revised from a previously reported 104.1. Analysts had expected the index to drop to 101.0 in September.

The survey on consumer confidence is based on a representative sample of 5,000 US households and is conducted for The Conference Board by NFO WorldGoup.
“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat,” Lynn Franco, Director of Economic Indicators at The Conference Board, said.
“However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged,” Franco noted, adding that “overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.”