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US consumer confidence up in October after 3 months of decline

US consumer confidence up in October after 3 months of decline
Consumer spending will continue to support economic growth through final months of 2021, says business research group

By Ovunc Kutlu

ANKARA (AA) - US consumer confidence rose in October after three consecutive months of decline and beat market estimates, according to the non-profit business research organization, The Conference Board on Tuesday.

The Consumer Confidence Index, a leading indicator to predict consumer spending and economic activity, rose 4 points to 113.8 in October, from 109.8 in September.

The market consensus for the index was a decline to 108.3 in October.

"Consumer confidence improved in October, reversing a three-month downward trend as concerns about the spread of the Delta variant eased," Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement.

"While short-term inflation concerns rose to a 13-year high, the impact on confidence was muted. The proportion of consumers planning to purchase homes, automobiles, and major appliances all increased in October—a sign that consumer spending will continue to support economic growth through the final months of 2021," she added.

The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, rose to 147.4 from 144.3 last month.

The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, improved to 91.3 from 86.7, according to the report.

source: News Feed
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