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US Consumer Confidence Increases in October

Nov. 1, 2012
hispanic shoppers

US consumer confidence rose in October for a second-straight month, to its highest level of the year, data released Thursday from the largest long-term monthly sentiment survey showed.

The figure comes just five days before a US presidential election that has centred around the US economy, with Republican challenger Mitt Romney blasting President Barack Obama for his handling of the economy.

Obama has repeatedly argued that the economic situation is improving and has noted significant upticks since the recession he inherited when he entered office in 2009.

The survey's index increased to 72.2 from a revised 68.4 in September. The release of the data had been delayed two days due to superstorm Sandy, which pummelled the US and shut down Wall Street earlier in the week.

The results put the index at its highest mark since it stood at 71.6 in February.

"Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver," said Lynn Franco, the board's director of economic indicators. "Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season."

The consumer confidence survey is based on an index of 100, with the baseline set in 1985.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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