After a retreat in September, the Conference Board's Consumer Confidence Index rose 4.1 points to hit 81.1 in October. In addition, the widely watched Expectations Index rose to 90.7 from 88.5 and the Present Situation Index increased to 66.8 from 59.7.
“After declining for five consecutive months, the Present Situation Index reversed course in October,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “A more favorable job market was a major factor in the turnaround. And, the belief that this trend will continue has boosted expectations. With the holiday season around the corner, this improvement in consumers’ spirits is a good omen for upcoming retail sales.”
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. NFO WorldGroup conducts the monthly survey for The Conference Board. For more details, click here.
The Conference Board press release