Consumer Confidence Rose Less Than Expected in Oct.
The consumer confidence index rose to 137.9 in October from a revised 135.3 in September originally reported at 138.4, the Conference Board reported on Tuesday.
Economists surveyed by IFR Markets had predicted a reading of 136.0 for October.
“Consumer Confidence increased in October, following a modest gain in September, and remains at levels last seen in the fall of 2000 (September 2000, 142.5),” said Lynn Franco, senior director at the board.
The present situation index increased to 172.8 in October from a revised 169.4 originally reported at 172.8 while the expectations index rose to 114.6 from a revised 112.5 in September originally reported as 115.3.
Consumers’ assessment of current conditions improved in October. Those stating business conditions are “good” increased to 40.5% from 39.9% while those saying business conditions are “bad” slipped to 9.2% from 9.6%.