US CB Consumer Confidence (Oct) 91.7 vs. Exp. 81 (Prev. 84.2)

Consumers' average 12-month inflation expectations declined in October but remained elevated at 5.8%. Consumers still expected higher interest rates over the next 12 months. Overall, more consumers in October expected stock prices to increase rather than decrease in the next 12 months. Present Situation Consumers' views of current business conditions improved in October: 21.4% of consumers said business conditions were "good," down from 18.8% in September. 17.8% said business conditions were "bad," down from 20.0%. Consumers' views of the labor market were more positive in October: 26.7% of consumers said jobs were "plentiful," up from 24.3% in September. 21.4% of consumers said jobs were "hard to get," remaining unchanged. Expectations Six Months Hence Consumers were less pessimistic about future business conditions in October: 17.7% of consumers expected business conditions to improve, up from 16.5% in September. 20.7% expected business conditions to worsen, down from 25.2%. Consumers were also somewhat less negative about the labor market outlook in October: 15.2% of consumers expected more jobs to be available, up from 14.7% in September. 26.3% expected fewer jobs, down from 27.6%. Consumers' assessments of their income prospects also improved in October: 18.7% of consumers expected their income to increase, up from 18.1% in September. 12.0% expected their income to decline, down from 14.9%.