US consumer confidence up in October on fuel cost lull
US consumer confidence improved in October, driven primarily by a lull in fuel price increases, according to a key indicator published on Tuesday, a week before crucial midterm elections that will decide control of Congress. The Conference Board's Consumer Confidence Index rose by 7.5 points to 91.7 in October, the organisation said in a statement. The data defied analyst expectations of a drop…
Consumer confidence in the United States rose in October, buoyed by a temporary reduction in fuel price hikes, a new report revealed on Tuesday, just days before the critical midterm elections that could determine control of Congress. The Conference Board's Consumer Confidence Index surged by 7.5 points to 91.7 in October, surpassing analysts' predictions of a decline.
This positive shift came as retail gasoline prices tapered off from September to October, according to Fergus McCormick, a senior economist at the Conference Board. However, despite this uptick in October, consumer confidence continues to decline over the long term, a trend that has persisted for years. Living expenses remain a primary concern for voters ahead of the November 3 elections, during which the Democratic Party aims to seize control of Congress from President Donald Trump's Republican Party.
Trump's military actions in Iran have led to a spike in global energy costs, compounding already elevated inflation in the United States. As regular petrol prices have climbed by more than 40 percent since the outset of the conflict, Trump welcomed the October consumer confidence data on social media, describing it as "an extremely big rise."
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
