US consumer confidence rebounds in October as gas prices ease

Summarised from 2 outlets · Updated 27 Oct, 14:32 · Archive

American consumer confidence rebounded in October as petrol prices fell, though they remain elevated.

The Conference Board reported Tuesday that its consumer confidence index jumped 7.5 points to 91.7 in October, up from 84.2 the previous month. September's reading had been the lowest since April 2014 and below the lowest level during the pandemic. Respondents' assessment of their present situation rose 6.9 points to 72.6, while their short-term outlook climbed 8.6 points to 120.4.

The improvement coincided with petrol prices easing from September to October. The average price for a gallon of regular gas was $4.27 on Tuesday, down from $4.48 a month earlier, though substantially higher than the $3.05 average a year ago. Write-in survey responses collected between October 1–21 remained broadly pessimistic, with frequent references to the high cost of energy, goods and services.

Fergus McCormick, a senior economist for The Conference Board, said the recovery aligned with falling petrol prices but cautioned that consumer confidence remained on a long-term downward trend. Americans' lingering concerns about the economy, following five years of elevated inflation, potentially pose a risk to President Donald Trump and Republicans ahead of midterm elections in two weeks.

How it is being reported

• U.S. consumer confidence recovers in October as gas prices eased a bitAmericans’ confidence in the economy rebounded somewhat in October as gas prices fell modestly but remain elevated.Clickorlando · 27 Oct, 14:04
• U.S. consumer confidence recovers in October as gas prices eased a bitAmericans’ confidence in the economy rebounded somewhat in October as gas prices fell modestly but remain elevated.News4Jax · 27 Oct, 14:04

In this story: United States · Conference Board · Donald Trump · AAA · Joe Biden

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