US consumer confidence recovers in October as gas prices eased a bit
US consumer confidence increased to 91.7 in October, rising for the first time in four months and beating market forecasts of 81.0. The Conference Board reported that the improvement came as gas prices fell modestly, offering a slight reprieve to consumers facing high cost-of-living pressures. Despite the monthly gain, filling a gas tank remains notably more expensive than a year ago.
Listen to Live Briefing
Real-time synthesized voice briefing · Live Feeds Desk
- ✓ US consumer confidence rose to 91.7 in October, beating expectations of 81.0.
- ✓ The Conference Board stated that US consumer confidence improved in October.
- ✓ Gas prices fell modestly in October but remain elevated.
- ✓ Gold price reached a session high of $4,048 per ounce following the consumer confidence release.
What changed
Consumer confidence rose for the first time in four months, exceeding analyst expectations.
Live updates
-
US Consumer Confidence Rises in October
US consumer confidence increased to 91.7 in October, rising for the first time in four months and beating market forecasts of 81.0. The Conference Board reported that the improvement came as gas prices fell modestly, offering a slight reprieve to consumers facing high cost-of-living pressures. Despite the monthly gain, filling a gas tank remains notably more expensive than a year ago.
Why it matters
The Conference Board index tracks consumer sentiment at a time of persistent cost-of-living frustration and high prices ahead of upcoming midterm elections. Market analysts watch these sentiment figures closely to gauge consumer spending intentions, which drive a major portion of US economic activity. Gold prices responded to the confidence data by jumping to a session high of $4,048 per ounce.
What is confirmed
- US consumer confidence rose to 91.7 in October, beating expectations of 81.0.
- The Conference Board stated that US consumer confidence improved in October.
- Gas prices fell modestly in October but remain elevated.
- Gold price reached a session high of $4,048 per ounce following the consumer confidence release.
What to watch next
- Watch for subsequent economic data releases to see if the consumer confidence recovery continues into November.
- Monitor retail sales figures to determine if higher confidence translates into increased consumer spending.
confidence 95%Sources used for this update (16)
- Reuters — US consumer sentiment near record low ahead of midterm elections
- Axios — Consumer sentiment shows cost-of-living frustration
- Al Jazeera — US consumer sentiment hits a near-record low before midterm elections
- www.clickondetroit.com — US consumer confidence recovers in October as gas prices eased a bit - WDIV Local 4,ClickOnDetroit
- Bloomberg.com — US Consumer Confidence Rises for First Time in Four Months
- AP News — U.S. consumer confidence recovers in October as gas prices eased a bit
- KITCO — Gold price shoots to session high $4,048/oz after Consumer Confidence rises to 91.7
- WSJ — U.S. Consumer Confidence Improved in October, Conference Board Says
- investingLive — October US consumer confidence 91.7 vs 81.0 expected
- Reuters — US consumer confidence improves in October
- Quartz — U.S. consumer confidence rose for the first time in four months, beating forecasts
- Forex Factory — US Consumer Confidence Increased in October
Community Sentiment: How do you assess this situation?
Voice your perspective · Real-time aggregated sentiment from the Live Feeds community