The Conference Board’s consumer confidence index surged to 108.7 in October from 99.2 in September. That’s the biggest monthly gain since March 2021 and blows past analysts’ forecast of 99.3.
“Consumers’ assessments of current business conditions turned positive. Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data,” said Dana M. Peterson, chief economist at The Conference Board.
The final jobs report before the election is slated to come out Friday, providing a pivotal snapshot of the labor market in an election where the economy is a top issue for voters.
Vice President Harris has sought to make the case for the Biden administration’s handling of the post-pandemic recovery, during which the labor market held strong despite widespread recession fears.
But Trump still has an edge in the polls when it comes to the economy for voters, despite predictions from experts that his economic policies could balloon the national debt and fuel inflation.
In another sign of consumers' increasing confidence, Matthew Shay, president and CEO National Retail Federation, told reporters this month that the organization is forecasting a record holiday shopping season.
“Overall, the economy has been in a good place this year,” Shay said. “We know going into the holiday season that consumers continue to show resilience, and they show strength in their spending.”
The Hill's Taylor Giorno has more here.
