US Consumer Confidence Recovers in October as Gas Prices Eased a Bit
Consumers grew less pessimistic as easing gasoline prices lifted expectations, though inflation and high living costs kept survey responses subdued.
- The Conference Board said Tuesday that its consumer confidence index jumped 7.5 points to 91.7 in October from 84.2 last month, rebounding after September's reading hit its lowest level since April 2014.
- Easing retail gasoline prices helped drive the recovery, according to senior economist Fergus McCormick of The Conference Board, as AAA reported average gas prices fell to $4.27 Tuesday from $4.48 a month ago.
- Despite the monthly gain, write-in responses to the board's survey collected between October 1-21 remain broadly pessimistic, with frequent references to high costs of energy, goods, and services.
- The Labor Department reported the consumer price index rose 3.7% in September, up from 3.4% in August, while the government prepares to issue September PCE data this Thursday.
- While consumer confidence saw a monthly increase, it remains on a long-term downward trend, and inflation has risen since Democrat Joe Biden left office and Trump was inaugurated last year.
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Respondents also expressed an improvement in their outlook on their current situation, which rose by 6.9 points to 72.6 points. Their short-term prospects increased by 8.6 points to 120.4 points, according to The Conference Board.
(New York = Yonhap News) Correspondent Kim Yeon-sook = The U.S. consumer sentiment index for October rebounded for the first time in four months and significantly exceeded expectations.
Clarin
El Vocero de Puerto RicoEconomic confidence in the US improves slightly in October due to the decline in gasoline prices, although concerns about inflation persist.The consumer confidence index rises 7.5 points, but the long-term trend remains negative, affecting the electoral landscape.
The U.S. consumer confidence index measured by the Conference Board rose to 91.7 in October, from 84.2 in September, driven mainly by a more favourable perception of current conditions and expectations. The result came well above the consensus of market analysts, which pointed to a drop to 81.0. The current conditions index, based on consumer assessments of the business and labour market situation, rose from 111.8 to 120.4 in the same interval. …
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