U.S. consumer confidence unexpectedly jumps to 91.7 in October
The Conference Board index rose 7.5 points although economists had expected a decline. Views of current conditions and expectations both improved.
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U.S. consumer confidence rose unexpectedly strongly in October. The Conference Board's index climbed 7.5 points to 91.7 after September's reading was revised up to 84.2, CNSNews reported. Economists had expected a decline to about 81.
The Present Situation Index rose 8.6 points to 120.4, and the Expectations Index gained 6.9 points to 72.6. Conference Board senior economist Fergus McCormick said the recovery was in line with retail gasoline prices easing from September to October; views of business and employment conditions also improved.
The survey was conducted Oct. 1-21. The figures come a day before the Federal Reserve's rate decision and a week before the midterm elections.