The Conference
Board announced on Tuesday its U.S. consumer confidence index jumped 9.5 points
to 108.7 in October from an upwardly revised 99.2 (from 98.7) in September.
That marked the strongest monthly increase since March 2021.
Economists had predicted
the consumer confidence index to rise to 99.5.
The details of the
survey revealed that the present situation index (+14.2 points to 138.0
this month) and the expectations index (+6.3 points to 89.1) both improved this month.
Commenting on the results of the last survey, Dana M. Peterson, Chief
Economist at The Conference Board, noted all five components of the headline index
improved in October. "Consumers' assessments of current business conditions
turned positive," she added. "Views on the current availability of jobs
rebounded after several months of weakness, potentially reflecting better labour
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."