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US consumer confidence nosedives
the fall in consumer confidence followed three consecutive months of modest gains .
but ms franco said: in assessing current conditions, consumers rated the labour market and business conditions much less favourably, suggesting that the fourth quarter is off to a weaker start than the third quarter .
the consumer confidence report comes as the federal reserve begins a two-day policy meeting on interest rates .
looking ahead, consumers are extremely pessimistic and a significantly larger proportion than last month foresees business and labour market conditions worsening .
us consumer confidence has fallen to a record low in october, as global stock markets fall, homes are repossessed and firms lay off workers .