Confidence of Consumers Up, Survey Shows

U.S. consumers were significantly more confident about the future last month than they were in September, the Conference Board said Monday.

The board’s consumer confidence index rose to 117.4 in October from 110.7 in September--its lowest level since January. The monthly survey, conducted by National Family Opinion Inc., covers 5,000 U.S. households.

Nearly 21% of consumers surveyed expect business conditions to improve during the next six months, while only 7% think the economy will worsen, the board said.

More than 26% expect their personal incomes to rise during the next six months, compared to 25% in September.

“Latest survey findings show that consumer confidence has regained almost all the ground lost in September,” said Fabian Linden, executive director of the Conference Board’s Consumer Research Center.

“The September slide now appears to represent a pause in the long-running U.S. expansion, not a signal of a downturn,” Linden added.

But those surveyed were not as bullish on future purchases, the board said. Consumer plans to buy automobiles fell to 6.7% last month from September’s 7.8%. Plans to buy homes edged to 3.7% from 3.3% in September, while intentions to buy major appliances declined to 26% from September’s 30%.