US Consumer Confidence Rebounds to 91.7 in October, Ending Three-Month Slide

U.S. consumer confidence unexpectedly rose in October, ending a three-month decline as falling gasoline prices and improved views on business conditions and the job market lifted sentiment. The Conference Board said Tuesday its consumer confidence index climbed 7.5 points to 91.7, the highest since June and well above economists' forecast of 81, while September's reading was revised up to 84.2 from 81.9. The present situation index, reflecting current business and labor conditions, gained 8.6 points to 120.4, a six-month high. The expectations index, gauging income, business and job prospects over the next six months, rose 6.9 points to 72.6, recovering only part of the prior three months' losses. Senior economist Fergus McCormick attributed the rebound to improved assessments of current and future conditions, consistent with lower retail gasoline prices from September to October. Still, elevated food and living costs, rising borrowing costs and heightened concern over war and conflict continued to weigh on purchasing power, and the survey, conducted October 1-21, showed confidence improved across all political parties, most notably among Republicans, as midterm elections approach.