Consumer confidence rose to its highest level since June as the price of gas eased in October, The Conference Board said in a Tuesday (Oct. 27) press release.
This change was indicated by a 7.5-point increase in The Conference Board’s Consumer Confidence Index, which rose to 91.7 in October, according to the release.
That figure was up from the upwardly revised level of 84.2 in September, the release said. The September figure for consumer confidence was revised from the 81.9 initially announced by The Conference Board, which PYMNTS reported at the time.
The improvement in consumer confidence in October was primarily driven by consumers’ improved perceptions of current and expected business conditions, according to the release.
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“The recovery was in line with retail gasoline prices easing from September to October,” Fergus McCormick, senior economist, global indicators at The Conference Board, said in the release. “Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the last few years.”
Among write-in responses contributed to the survey by consumers, there was continued frustration with rising costs, reflected in more references to prices, the high cost of food and groceries, and oil and diesel prices. There were also more mentions of concerns about jobs and employment. Consumers’ write-in responses included fewer comments about war and conflict, per the release.
“Consumers planned less spending on services and durable goods over the next six months,” McCormick said. “This likely reflected higher price levels and persistent inflation, which eroded consumers’ purchasing power.”
The University of Michigan’s latest Surveys of Consumers, which was released Friday (Oct. 23), found that consumer sentiment stayed about the same as the previous month. This survey’s October reading for October was 48.0, in keeping with the September reading of 48.1.
“Purchasing power continues to dominate consumer views of the economy,” Joanne Hsu, director of the survey, said when announcing the results.
The October 2026 PYMNTS Consumer Expectations Index found that Americans grew less pessimistic about business conditions, though their job worries intensified and their debt confidence weakened.
The PYMNTS Consumer Expectations Index edged up to 54.2 in October from 54.1, halting two straight monthly declines.
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