ADVERTISEMENT

Consumer confidence rockets to a near record in October

2lion70

Well-Known Member
Gold Member
Jul 1, 2004
22,887
8,305
1
Things economic looking up

US Consumer Confidence Bounced Back in October​


Confidence Rebounded in October as Consumers Regained Faith in the US Economy

The Conference Board Consumer Confidence Index® increased in October to 108.7 (1985=100), up from 99.2 in September. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased by 14.2 points to 138.0. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—increased by 6.3 points to 89.1, well above the threshold of 80 that usually signals a recession ahead. The cutoff date for the preliminary results was October 23, 2024.

“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 M. 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.

“October’s increase in confidence was broad-based across all age groups and most income groups. In terms of age, confidence rose sharpest for consumers aged 35 to 54. On a six-month moving average basis, householders aged under 35 and those earning over $100K remained the most confident.”
 
ADVERTISEMENT
ADVERTISEMENT

Go Big.
Get Premium.

Join Rivals to access this premium section.

  • Say your piece in exclusive fan communities.
  • Unlock Premium news from the largest network of experts.
  • Dominate with stats, athlete data, Rivals250 rankings, and more.
Log in or subscribe today Go Back