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."