US consumer confidence rises in October as gas prices decline

The Conference Board reported that US consumer confidence rose by 7.5 points to 91.7 in October, up from 84.2 in September. This rebound, the highest level since June, was primarily driven by a modest decline in retail gasoline prices and improved perceptions of current and future business and labor market conditions.

Despite the increase, economists note that consumer sentiment remains on a long-term downward trend due to persistent inflation and high living costs. While the Present Situation Index and short-term outlook improved, many consumers expressed continued frustration regarding the costs of energy, food, and services. This economic sentiment arrives just two weeks before the US midterm elections, where affordability remains a critical issue for voters.