U.S. consumer confidence increased in October as worries about high inflation were offset by improving labor market situation, signaling economic growth improved early in Q4.
Source: The Conference Board
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The Conference Board indicated its consumer confidence index rose to a reading of 113.8 this month from 109.8.
The Present Situation Index, which measures current business and labor market conditions, rose to 147.4 from 144.3 the previous month.
At the same period, the Expectations Index, which measures consumers’ short-term outlook for income, business, and labor market conditions, expanded to 91.3 from 86.7.
Lynn Franco, senior director of economic indicators at the Conference Board stated that confidence improved in October, bouncing back from a 3- month straight drop as issues about the spread of the COVID-19 eased.
The survey also determined that the percentage of consumers set to buy homes, automobiles, and major appliances improved in October, an indicator that consumer spending will continue to support economic growth in the remaining months this year.