Consumer confidence rebounds to 91.7 in October as gas prices ease

U.S. consumer confidence rose in October as gasoline prices eased, with The Conference Board's index climbing 7.5 points to 91.7 from an upwardly revised 84.2 in September. The Present Situation Index, which reflects views of current business and job conditions, rose 8.6 points to 120.4, and the Expectations Index rose 6.9 points to 72.6, only partly reversing three straight monthly declines. The Conference Board's senior economist, Fergus McCormick, said the gain was in line with lower retail gas prices from September to October, but that confidence remained on a long-term downward trend. He said consumers planned to spend less on services and durable goods over the next six months, likely because of higher prices and persistent inflation, and that write-in responses continued to show frustration with the cost of food, groceries and fuel.

Why it matters: The survey tracks how households feel about jobs, income and prices, which shapes spending plans. In October, 26.7% of consumers said jobs were "plentiful" and 21.4% said they were "hard to get," while 18.7% expected their income to rise over the next six months and 12.0% expected it to fall.