The National Federation of Independent Business (NFIB), an advocacy group, did a survey of its members. In addition to the drop in optimism, it also found expectations for lower sales in upcoming months.

The Economic Advisory Committee of the American Bankers Association is predicting that consumer spending in Q4 will fall to a growth rate of 2.2 percent, down from 2.9 percent a year ago. Many retailers rely on that time of year – the holiday shopping season – for a huge chunk in their revenue.