Holiday spending concerns as consumer confidence hits two-year low

[mandy]

With Christmas only about eight weeks away, shoppers are feeling more forlorn about the economy than they have since hurricanes Katrina and Rita battered the Gulf Coast two years ago.

The New York-based Conference Board said Tuesday that its Consumer Confidence Index fell to 95.6 from a revised 99.5 in September. It was the lowest reading since 85.2 in October 2005 when gas and oil prices soared after the hurricanes deluged New Orleans and shut down a large chunk of the nation’s oil refineries. Analysts had expected a reading of 99.5 Tuesday.

For retailers, the consumer confidence report, which showed its third monthly decline in a row, heightens worries that the holiday shopping season will be challenging after a disappointing fall...

full article: http://www.msnbc.msn.com/id/21543609/