The Conference Board reported a rebound in consumer confidence
U.S. consumer confidence rose in October for the first time in four months, the Conference Board reported Tuesday. Its index gained 7.5 points to 91.7, above Bloomberg’s 81.0 median forecast. Fergus McCormick, the Conference Board’s senior economist for global indicators, said improved business-condition perceptions drove the rise as gasoline prices eased. Fergus McCormick said confidence remains on a long-term downward trend.
More context
After three consecutive monthly declines, the Conference Board said Tuesday that U.S. consumer confidence had rebounded in October. The gauge climbed 7.5 points to 91.7, compared with September’s revised 84.2 and returning to June levels. The reading exceeded the median forecast of 81.0 in a Bloomberg survey of economists. Fergus McCormick, senior economist for global indicators at the Conference Board, said the increase reflected improved perceptions of current and expected business conditions and coincided with easing retail gasoline prices. He said confidence remained on a long-term downward trend. The survey ran from Oct. 1 to 21. Write-in responses showed continued frustration over rising costs, including food, groceries, oil and diesel. Comments about war and conflict eased for a second month but remained elevated, while concerns about jobs and employment ticked up.
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Reporting
- PR Newswire — US Consumer Confidence Increased in October
- Reuters — US consumer confidence improves in October
- Quartz — U.S. consumer confidence rises for first time in four months
- Bloomberg — US Consumer Confidence Rises for First Time in Four Months - Bloomberg
- Bozeman Daily Chronicle — U.S. consumer confidence recovers in October as gas prices eased a bit
- The Wall Street Journal — Consumer Confidence Rose in October as Retail Gasoline Prices Eased - WSJ
- Associated Press — US consumer confidence recovers in October as gas prices ease | AP News
- rismedia.com — Consumer Confidence Jumps in October, Reversing Trend — RISMedia
Verifier’s note
Reuters, Quartz, Bloomberg, Bozeman Daily Chronicle, RISMedia, PR Newswire, The Wall Street Journal, and AP News all report that U.S. consumer confidence rose in October. The Conference Board index increased 7.5 points to 91.7, consistent with the proposed event.