PiCK
US October Consumer Confidence Index Rises to 91.7, Beating Forecast by Wide Margin
Minseung Kang
Summary
- The U.S. Conference Board said its October consumer confidence index came in at 91.7.
- The reading was well above the market forecast of 81.2 and higher than the previous 84.2.
- The index is used as a leading indicator to gauge future consumer spending and the direction of the economy.
Forecast Trend Report by Period
U.S. consumer confidence in October came in well above market expectations.
The Conference Board said on October 27 that its October consumer confidence index stood at 91.7. That was far above the market forecast of 81.2 and up from the previous reading of 84.2.
The Conference Board's consumer confidence index measures consumers' confidence in economic conditions. It is widely used as a leading indicator for future consumer spending and the direction of the broader economy.
A reading above forecasts is typically interpreted as a sign that confidence in the U.S. economy and consumer conditions is stronger than expected.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.