Consumer confidence hits 2012 high point
Consumer confidence rose 3.8 points in October and now stands at 72.2 after consumers reported feeling more positive about the current conditions.
Consumer assessment of the current business conditions and labor market were both positive, with those claiming business conditions were “good” rising 1.2 points to 16.5 percent and those stating that jobs were plentiful up 2.2 percentage points to 10.3 percent.
“The Consumer Confidence Index increased again in October and is now at its highest level this year,” said Lynn Franco, director of economic indicators at The Conference Board in a release last week. “Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver. Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season.”
Outlooks were positive on future business conditions as well, with those anticipating an improvement over the next six months up 3.5 points to 21.4 percent.
The labor market outlook was mixed, with those anticipating more jobs up 1.1 percent and those anticipating fewer jobs up 1.6 points from September. Expectations for increasing incomes rose slightly, up .8 percentage points to 16.7 percent.