Movement in Consumer Confidence

The Consumer Confidence Index for October increased to 113.8, up from 109.8 in September.

Here’s the analysis from Lynn Franco, senior director of economic indicators at The Conference Board:

“Consumer confidence improved in October, reversing a three-month downward trend as concerns about the spread of the Delta variant eased. While short-term inflation concerns rose to a 13-year high, the impact on confidence was muted. The proportion of consumers planning to purchase homes, automobiles, and major appliances all increased in October—a sign that consumer spending will continue to support economic growth through the final months of 2021. Likewise, nearly half of respondents (47.6%) said they intend to take a vacation within the next six months—the highest level since February 2020, a reflection of the ongoing resurgence in consumers’ willingness to travel and spend on in-person services.”

Other data released Tuesday by the Conference Board include:

• 18.6% of consumers said business conditions are “good,” down from 19.1%.
• On the other hand, 24.9% of consumers said business conditions are “bad,” down from 25.3%.
• 55.6% of consumers said jobs are “plentiful,” down from 56.5%.
• Conversely, 10.6% of consumers said jobs are “hard to get,” down from 13.0%.

For the official report, click here.