US consumer confidence rebounds in October

[WASHINGTON] US consumer confidence rebounded in October after the prior month's slump, a cheery sign for the upcoming holiday shopping season, the Conference Board said on Tuesday.

The consumer confidence index rose to 94.5 last month from 89.0 in September.

The present situation component of the index edged up to 93.7 from 93.0.

The expectations component, measuring consumers' outlook six months ahead, leaped to 95.0 from 86.4 in September.

"Looking ahead, consumers have regained confidence in the short-term outlook for the economy and labour market, and are more optimistic about their future earnings potential," said Lynn Franco, director of economic indicators at The Conference Board.

"With the holiday season around the corner, this boost in confidence should be a welcome sign for retailers." The September jump in confidence was much stronger than analysts expected, with the consensus prediction for an 87.2 reading.

AFP