10/28/2022, 4:02 PM (Source: TeleTrader)
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US consumer confidence increases in October

The Consumer Sentiment Index in the United States came in at 59.9 points in October, rising 2.2% month on month, said a report published by the University of Michigan on Friday. However, the final report showed a decrease in the index by 16.5% annually.

The Current Economic Conditions Index went up 9.9% to 65.6 in the same month compared to the month prior but plummeted 15.6% year over year. Meanwhile, the Index of Consumer Expectations fell 3.1% month on month to 56.2 points and decreased by 17.2% annually.

"This month, buying conditions for durables surged 23% on the basis of easing prices and supply constraints. However, year-ahead expected business conditions worsened 19%," read the report while adding that "any continued weakening in incomes or wealth could lead to further pullbacks in spending that would reinforce other risks of recession."

Baha Breaking News (BBN) / JG