Surveys

Consumer Confidence Rebounds in October

SurveysOct 30, 2024

Consumer Confidence Rebounds in October

A more positive view of the labor market contributed to the strongest monthly gain since March 2021.

Hands pushing a shopping cart
The Conference Board’s consumer confidence index rose to 108.7 in October from an upwardly revised 99.2 in September.
New York—U.S. consumer confidence bounced back in October as consumers took a more positive view of the labor market.

The Conference Board’s monthly consumer confidence index increased to 108.7 in October from an upwardly revised 99.2 in September.

“Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years,” said Dana M. Peterson, chief economist at The Conference Board, noting that all five components of the index improved.

“Consumers’ assessments of current business conditions turned positive. Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data. Compared to last month, consumers were substantially more optimistic about future business conditions and remained positive about future income. Also, for the first time since July 2023, they showed some cautious optimism about future job availability.”

As for the write-in responses, prices and inflation continued to be top concerns, though more respondents mentioned slower inflation and lower grocery prices.

Write-in responses about politics, including the November elections, remained unchanged and below both 2020 and 2016 levels.

In October 2016, “election” was the most-mentioned key word in the responses, said the Conference Board, and was in second place in October 2020 behind “COVID.”

This year, “election” was No. 5, falling behind references to prices, inflation, food, and groceries.

By age and income, the confidence boost was seen across all age groups and most income groups.

Consumers aged 35 to 54 saw the sharpest rise in confidence.

Those under 35 and those earning more than $100,000 remained the most confident.

 Related stories will be right here … 

The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 138 in October from a downwardly revised 123.8 in September.

Consumers’ assessments of current business conditions and their view of the labor market were more positive in October.

The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, rose to 89.1 from an upwardly revised 82.8 in September.

It remained above 80, said the Conference Board, noting a reading below 80 normally signals a recession in the near future.

Consumers were more optimistic about business conditions in October. Their outlook on the labor market was more optimistic than pessimistic for the first time since July 2023.

Their outlooks on their income prospects and their family’s current financial situation, a measure not included when calculating the Present Situation and Expectations Index, were unchanged.

Their outlook on their family’s future financial situation was more positive.

The “Consumers’ Perceived Likelihood of a U.S. Recession over the Next 12 Months” metric dropped to a new low in October.

“The proportion of consumers anticipating a recession over the next 12 months dropped to its lowest level since the question was first asked in July 2022, as did the percentage of consumers believing the economy was already in recession,” said Peterson.

Consumer plans to buy big-ticket appliances were mixed and plans to buy electronics were down slightly.

On a six-month moving average basis, purchasing plans for homes and new cars continued to increase.

When consumers were asked about plans to buy “more durable” goods or services over the next six months, consumers again showed a slightly greater preference for purchasing goods.

“Regarding services, consumers’ priorities were little changed, but they were keen to spend a bit more on some discretionary items going forward,” said the Conference Board.

There were more plans to dine out and stay in hotels in October. Plans to enjoy out-of-the-home entertainment, like museums and amusement parks, improved, though remained at the bottom of the list.

Consumers were more optimistic about the stock market, with 51 percent of respondents expecting to see stock prices increase over the year ahead, the highest reading since the question was first asked in 1987.

The share of consumers expecting higher interest rates over the next 12 months increased to 48 percent following four consecutive months of decline. The share expecting lower rates decreased to 30 percent.

“Write-in responses showed that consumers welcomed the recent reduction in interest rates but felt that levels were still too high,” said the Conference Board.

Though overall inflation is slowing and gas prices are declining, the organization said, the average 12-month inflation expectations rose to 5.3 percent in October from 5.2 percent last month, which it said reflects upward pressure on the prices of food and services.

The Consumer Confidence survey results for November are set to be released on Nov. 26.

The Latest

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Gemfields emeralds
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in Zambia

The miner announced plans to recommence open-pit mining at Kagem.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

Weekly QuizMay 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
2025 Met Gala jewelry
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry Moments

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

instappraise-1.png
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal Format

Sponsored by Instappraise

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Brilliant Earth three stone Sabine diamond engagement ring
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1

CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.

Exterior of Margot McKinney Beverly Hills Location
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New Boutique

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh
IndependentsMay 08, 2025
Verragio Announces New Regional Sales Manager

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

Pandora gold and silver charm bracelet
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for Tariffs

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Headshot of Smart Age Solutions CEO Emmanuel Raheb
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and Beyond

Connecting with your customers throughout the year is key to a successful holiday marketing push.

Gemfields rough emeralds
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest Auction

Its commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.

Logo for “In the Loupe,” Punchmark’s podcast
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest

National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.

Harwell Godfrey Met Gala brooch with Mediterranean Blue diamond
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready Brooch

Designer Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”

Jewelers of America 20 Under 40 for 2025
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ List

Expanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.

Sissys Log Cabin Fort Smith Arkansas
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New Store

Located in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.

Gunderson’s Jewelers
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV Series

The episode about the family-owned jeweler will premiere May 17.

Zadok Jewelers Austin store
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in Austin

The Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.

Nancy Astor Cartier turquoise and diamond tiara
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to Auction

The turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.

David DeCook Crater of Diamonds State Park 3.81-carat brown Duke Diamond
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond

“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.

Kraft Mac & Cheese x Ring Concierge Forever Macaroni Necklace
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Angely Martinez emerald Promise ring
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise Ring

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

Stuller 2025-2026 bridal catalog
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Americut Gems
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple Effect

Though currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.

Exterior of new David Yurman store in the Miami Design District
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship Store

Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy