Conference Board's US consumer confidence index rises in October

The Conference Board's consumer confidence index increased to 108.7 in October, up from 99.2 in September.

The present situation index increased by 14.2 points to 138.0, while the expectations index rose 6.3 points to 891.

"Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years," said Conference Board chief economist Dana Peterson.

"In October's reading, all five components of the Index improved. Consumers' assessments of current business conditions turned positive. Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labour market data. Compared to last month, consumers were substantially more optimistic about future business conditions and remained positive about future income."

Reporting by Iain Gilbert at Sharecast.com