Consumer confidence improves in October amid easing gas prices, survey shows

American confidence in the economy improved slightly in October, according to The Conference Board, a nonprofit think tank. The consumer confidence index increased 7.5 points to 91.7 in October. September’s figure, 84.2, was the lowest in the board’s survey since April 2014. Last month’s figure was also lower than the lowest level the index reached during the pandemic, the Associated Press reported.
The survey’s respondents also expressed improving outlooks on their present situation, which rose 6.9 points to 72.6. Their short-term outlook increased 8.6 points to 120.4. 
Fergus McCormick, a senior economist for The Conference Board, told the AP that the improving figures in October were associated with improving gasoline prices. 
“Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the past few years,” McCormick said. 
The average U.S. price of gasoline was $4.27 per gallon on Tuesday, down from $4.28 per gallon a week ago, according to AAA. Gas prices were still well above the $3.05 per gallon they were at this week last year. 

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