CONNECT WITH US
eCommerce

eCommerce

Midterm Countdown: Consumer Sentiment Lifts Slightly As Gas Prices Stabilize, But Frustration Lingers Over Rising Costs

WWD logo

Published on

Add as a preferred source on Google
Midterm Countdown: Consumer Sentiment Lifts Slightly As Gas Prices Stabilize, But Frustration Lingers Over Rising Costs

Consumer confidence ticked up slightly in October, with Americans providing marginally sunnier assessments and projections of current and future business conditions.

The Conference Board’s Consumer Confidence Index rose overall by 7.5 points to 91.7 this month, up from 84.2 in September, with shoppers’ estimation of the present situation increasing 8.6 percent to 120.4. Their short-term outlook for business and labor market conditions, as well as their own incomes, bucked the three-month trend of declines, growing 6.9 points to 72.6.

Related Stories

Stock market.
Industry News

Jobs Are Down, But Stocks and Consumer Sentiment Are Up. What Gives?

Visa
Industry News

Consumer Outlook Brightens, Slightly

“Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions,” said Fergus McCormick, senior economist focused on global indicators at the Conference Board.

The Present Situation Index showed that net perceptions of business conditions—the number of consumers who would characterize the situation as “good” over “bad”—grew by 4.8 percentage points to 3.6 percent following a particularly downbeat September reading. The Expectations Index for business conditions rose 5.7 percentage points to -3.0 percent.

The outcomes could be considered a small but welcome October surprise for Republicans days ahead of the midterm elections.

According to McCormick, this month’s recovery lined up with a month-over-month easing of gas prices. But the economist cautioned against unearned optimism, saying that October’s numbers don’t necessarily represent a reversal of attitudes.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.