Consumer confidence dipped in October as inflation concerns persist

Consumer confidence slid for the third month in a row, new data shows, a sign that Americans' view of the economy is dimming in the face of a weakening labor market and stubborn inflation.

The University of Michigan's October sentiment index, released Friday, shows consumer confidence fell 1.5% on a monthly basis to 53.6%. The index has recovered slightly after dipping to a three-year low in April, but still remains below its January level over deepening concerns about vulnerabilities in the U.S. economy, experts note.

"The lower to median end of the income spectrum are increasingly concerned about job prospects and income prospects, and that is weighing on their morale at a time where prices are rising," EY-Parthenon chief economist Greg Daco told CBS News prior to the index's release