The Consumer Confidence Index was 108.7 in October, up from 99.2 in September, the Conference Board said today. The present situation index — based on consumers’ assessment of current business and labor market conditions — increased by 14.2 points to 138. The expectations index—based on consumers’ short-term outlook for income, business and labor market conditions—increased by 6.3 points of 89.1.
“Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years,” said Dana Peterson, chief economist at the Conference Board. “In October’s reading, all five components of the Index improved. Consumers’ assessments of current business conditions turned positive. Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data. Compared to last month, consumers were substantially more optimistic about future business conditions and remained positive about future income. Also, for the first time since July 2023, they showed some cautious optimism about future job availability.”
