Overview
- The Conference Board’s preliminary October survey showed the Consumer Confidence Index rose 7.5 points to 91.7, reversing September’s low reading after responses collected between Oct. 1 and Oct. 21.
- The Present Situation Index climbed to 120.4 and the Expectations Index recovered to 72.6, reflecting improved views of current business and labor conditions.
- Conference Board senior economist Fergus McCormick tied the rebound to month-over-month declines in retail gasoline prices, with AAA reporting an average of $4.27 per gallon versus $4.48 a month earlier.
- Despite the bounce, consumers continued to report frustration with rising costs, and average 12-month inflation expectations remained high at 5.8%, while planned spending on services and durable goods pulled back.
- The rise outperformed economists’ forecasts but sits against broader warning signs — recent Fed rate hikes, weak September payroll gains, and a multiyear downward trend in confidence that could limit any sustained rise in household spending.