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[News] U.S. Consumer Confidence Rebound, Marking Largest Increase Since March 2021
The U.S. consumer confidence rebounded, achieving its largest gain since March 2021, as labor market conditions improved, according to data released by the Conference Board on October 29.
The Consumer Confidence Index rose to 108.7 in October, marking an increase of 9.7 points from the previous month and achieving its largest gain since March 2021, though it remains below pre-pandemic levels. The Present Situation Index rose 14.2 points to 138, while the Expectations Index climbed 6.3 points to 89.1, reaching its highest level since December 2021.
Dana M. Peterson, Chief Economist at the Conference Board, stated that consumers are optimistic about current business conditions and have shown renewed confidence in the labor market after several months of weakness.
The report indicates that the percentage of consumers who see job opportunities as plentiful increased by 3.8 percentage points to 35.1%, while those who find jobs hard to get declined to 16.8%, widening the gap for the first time since January.
Consumers also expressed greater optimism regarding future business activity and personal financial prospects. The survey indicates that expectations of an economic downturn over the next 12 months are at their lowest level since July 2022, while plans to purchase durable goods, such as homes and automobiles, continue to increase.
Interestingly, interest in the upcoming election appears to be lower than in previous years. Election-related keywords ranked first and second in 2016 and 2020, but for 2024, they fell to fifth, with inflation and price-related keywords now taking precedence.
