Consumer confidence rises to 91.7 in October

The Conference Board’s Consumer Confidence Index rose 7.5 points to 91.7 in October, ending three consecutive monthly declines as consumers became more positive about current and expected business conditions. The index had stood at a revised 84.2 in September. The October rebound followed September’s reading, the lowest in the survey since April 2014. The Conference Board said the latest improvement was driven primarily by better perceptions of business conditions and easing retail gasoline prices. The increase marks a recovery in the index, but the organization said confidence remains on a longer-term downward trend. The index’s components showed improvement in both current assessments and expectations. The Present Situation Index rose 8.6 points to 120.4, while the Expectations Index increased 6.9 points to 72.6, partly recovering from three months of declines. The measures reflect consumers’ views of business and labor-market conditions and their outlook for income and conditions in the near term. Price concerns remained prominent in the survey. Consumers’ average expected inflation over the next 12 months was 5.8%, and respondents continued to expect interest rates to rise...