Investing.com – U.S. consumer confidence rose more-than-expected in October, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 50.2 in October, after falling to 48.6 in September, whose figure was revised up from 48.5.
Analysts had expected the index to rise to 49.0 in October.
The report also showed that the CB index of consumer expectations rose to 67.8, compared to 65.5 in September.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels. Consumers’ assessment of the current state of the economy is relatively unchanged, primarily because labor market conditions have yet to significantly improve”.
She added, “Despite the uptick in Expectations, consumers continue to be quite concerned about the short-term outlook. Both present and future indicators point toward more of the same in the coming months”.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD falling 0.64% to hit 1.3876.
Meanwhile, U.S. equity markets were down: the Dow Jones Industrial Average fell 0.32%; the S&P 500 index shed 0.33%, while the Nasdaq Composite index was down 0.43%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 50.2 in October, after falling to 48.6 in September, whose figure was revised up from 48.5.
Analysts had expected the index to rise to 49.0 in October.
The report also showed that the CB index of consumer expectations rose to 67.8, compared to 65.5 in September.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels. Consumers’ assessment of the current state of the economy is relatively unchanged, primarily because labor market conditions have yet to significantly improve”.
She added, “Despite the uptick in Expectations, consumers continue to be quite concerned about the short-term outlook. Both present and future indicators point toward more of the same in the coming months”.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD falling 0.64% to hit 1.3876.
Meanwhile, U.S. equity markets were down: the Dow Jones Industrial Average fell 0.32%; the S&P 500 index shed 0.33%, while the Nasdaq Composite index was down 0.43%.