A modest improvement in the Conference Board’s confidence measure offered a limited counterpoint to weak consumer views, as a separate University of Michigan gauge edged lower in October.
The Conference Board’s confidence index rose to 91.7, marking its first increase in four months. Menzie Chinn, writing for Econbrowser, said the measure remained low. EconoTimes previously covered the reading and household spending plans in its report on the confidence index.
The University of Michigan’s final consumer sentiment survey put the index at 48.0, down 0.1 point from September’s 48.1. Chinn said the Michigan measure remained low and its expectations component was still weak. EconoTimes previously reported the final sentiment reading.
The Board’s earlier account said planned spending was generally lower for services and durable goods. The Board said inflation and high prices likely weakened consumers’ purchasing power, helping explain the planned cutbacks. The six-month averages showed gains among consumers under 35 and households with incomes of $100,000 or more. All political groups reported higher sentiment, and the increase was greatest among Republicans.
