Consumer confidence at more than 4-year high in October

NEW YORK Thu Nov 1, 2012 10:34am EDT

A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo. REUTERS/Jim Young/Files

A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo.

Credit: Reuters/Jim Young/Files

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NEW YORK (Reuters) - Consumer confidence rose in October to its highest in more than four years as Americans were more upbeat about improvements in the labor market, a private sector report showed on Thursday.

The Conference Board, an industry group, said its index of consumer attitudes gained to 72.2 from a downwardly revised 68.4 in September. It was the highest level since February 2008, though it came in shy of economists' estimates for 72.5.

September was originally reported as 70.3.

The expectations index edged up to 82.9 from 81.5, while the present situation index jumped to 56.2 from 48.7.

Consumers' labor market assessment improved, with the "jobs hard to get" measure slipping to 39.4 percent from 40.7 percent. The "jobs plentiful" gauge gained to 10.3 percent from 8.1 percent.

Consumers "appear to be in better spirits approaching the holiday season," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

U.S. stocks added to gains immediately following the release, while investors were also taking in a report that showed manufacturing activity picked up in October. Treasuries prices slipped slightly.

Consumers views on price increases were unchanged from September with expectations for inflation in the coming 12 months holding at 5.9 percent.

The report had originally been scheduled to be released on Oct 30, but was postponed due to the storm that hit the U.S. northeast.

(Reporting by Leah Schnurr; Editing by Theodore d'Afflisio)

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Comments (5)
americanguy wrote:
America realizes Obama will win the election.

Nov 01, 2012 10:36am EDT  --  Report as abuse
AZreb wrote:
Puhleaze – I want some of those rose-colored glasses or wacky-tobacky. No mattr where I go to shop, the stores are not full of consumers nor are their purchases nearly as extensive as in years past. People are thinking twice about purchases and it is now a matter of absolute “need” and not just “want” or extras.

Nov 01, 2012 10:41am EDT  --  Report as abuse
ReutersAgenda wrote:
Obama’s economic plan has failed for the last 4 yrs. He’s getting ready to be reelected, and therefore, consumer confidence is up? Are people living in a dream? Corporations are reporting falling revenue and business losses. Wake up, America!

Nov 01, 2012 10:49am EDT  --  Report as abuse
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