Consumer confidence rose sharply in October, as consumer views of current conditions and expectations improved.
The Conference Board’s consumer confidence index jumped 7.5 points to 91.7 in October, up from 84.2 in September. Economists had expected confidence to fall to 81.
The barometer of current conditions rose 8.6 points to 120.4. The expectations index rose 6.9 points to 72.6, partially reversing three montsh of consecutive declines.
“Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions,” said Fergus McCormick, Senior Economist, Global Indicators, The Conference Board. “The recovery was in line with retail gasoline prices easing from September to October.”
Consumers’ views of current business conditions improved, with a greater share now saying conditions are good than bad. The share of consumers saying jobs are plentiful rose to 26.7 percent, up from 24.3 percent, while the share saying jobs are hard to get was unchanged at 21.4 percent.