Consumer confidence is down once again, according to the latest report by the Conference Board. The dip in confidence, unsurprisingly, is largely reflective of mounting consumer concerns regarding the worsening coronavirus pandemic.

According to the Conference Board, consumer confidence dropped from 101.3 in September to 100.3 in October. The slip is dreary news for a business world trying to pull itself out of an economic slump amid an unprecedented emergency, yet, the worst part may not even be written in the report itself. Seeing as the survey took place before the recent surge of coronavirus cases in the United States, the numbers aren't reflective of current conditions in the U.S. The next consumer confidence report for November may be even worse.

Consumers definitely felt the sentiment that the economy's future was looking dim, with the future expectations index dropping to 98.4 from 102.9. The sentiment is hardly surprising, given the surge in coronavirus cases in the U.S. and the lack of a supplementary COVID relief bill by Congress and the federal government's ongoing lack of action to address the crisis.

While the slip in consumer confidence and the grim prospects of the next report is bad news for the business world, it's even worse news for President Donald Trump. His re-election campaign has focused on the economy, among other issues. Consumer confidence in the swing states of Pennsylvania, Florida, and Michigan is down considerably, which doesn't instill much confidence in Trump's campaign, especially as the incumbent President lags heavily in the polls. In Texas, where Democratic candidate former Vice President Joe Biden is gaining strength over Trump, Confidence was also down.

"The numbers can be choppy, but this does not bode well for Donald Trump's chances of re-election and with incomes being squeezed and COVID-19 cases on the rise, neither for the economy," said James Knightley of ING.