Retail exchange traded funds (ETFs) are lower in early trading on reports that consumer confidence is at its lowest point on record this month.
The consumer confidence index plunged to 38, down from 61.4 in September and far below expectations of 52, reports Christopher S. Rugaber for the Associated Press.
It’s the lowest reading since 1967, the year consumer sentiment began being tracked.
It’s hardly a good time for pessimistic consumers, as the holiday shopping season is just around the corner.
The SPDR S&P Retail (XRT) is down 41.4% year-to-date.