Key facts
- Consumer confidence rose in October, driven by improved perceptions of current and expected business conditions.
- Consumers expressed frustration with rising costs, including food, groceries, and oil prices.
- Planned spending on services and durable goods decreased over the next six months.
- Average 12-month inflation expectations declined but remained elevated at 5.8%.
US consumer confidence increased in October, with the Conference Board's index rising to 91.7 from a revised 84.2 in September. The improvement was linked to easing gasoline prices, though consumers still expressed frustration with the high cost of living.
Economists polled by Reuters had forecast the index at 81. The Present Situation Index increased by 8.6 points to 120.4, while the Expectations Index recovered by 6.9 points to 72.6.
Fergus McCormick, senior economist, global indicators at The Conference Board, noted that the recovery aligned with falling retail gasoline prices. However, consumers continued to voice concerns about rising prices for food, groceries, oil, and diesel.