Consumer confidence rebounded from its September low, rising 7.5 points to 91.7 in the Conference Board’s monthly index.
The Conference Board said the increase was “a light upward revision” over the September reading of 84.2, which was the lowest monthly reading since April 2014.
Fergus McCormick, senior economist-global indicators for the Conference Board, said in a press release that the improved reading is due to easing gas prices.
“The recovery was in line with retail gasoline prices easing from September to October,” McCormick said. “Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the past few years.”
McCormick said consumers still planned less spending on services and durable goods over the next six months.
“This likely reflected higher price levels and persistent inflation, which eroded consumers’ purchasing power,” he said.
