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

Gold jewelry on a scale
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to Account

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

24 Karat Club banquet
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf Astoria

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Weekly QuizSep 04, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

Korman jewelry store Austin
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in Austin

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s Umbrella

The two organizations have finalized and signed the affiliation agreement announced in May.

Sothebys JAR and Suzanne Belperron jewels
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron Jewels

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

A street in Carlsbad California
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

National Jeweler columnist Peter Smith
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

Jamie Turner Victoria Labradorite Necklace
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Stock image of the U.S. Supreme Court
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Patrick Mahomes Hublot campaign
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand Ambassador

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

gia-edu main image.png
Supplier BulletinSep 04, 2025
A Brilliant Future Is Here

Sponsored by GIA

Lucara pink diamond
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink Diamond

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Shot from Breitling new NFL campaign
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYC Jewelry, Antique, & Object Show Autumn 2025
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in November

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

Fabergé x Gemfields Malaika Egg
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé Sale

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

Claire’s storefront
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to Close

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

Stuller’s Tools, Equipment, & Metals and Findings & Metals Catalogs
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Effy Jewelry Multicolor Sapphire Bangle
TrendsSep 03, 2025
Amanda’s Style File: A Perfect Birthstone

Sapphire’s variety of colors make it the perfect birthstone for September.

Woman with hands crossed wearing jewelry
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 Sales

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

×

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