US consumer confidence rises 7.5 points to 91.7 in October, Conference Board says

US consumer confidence rose 7.5 points to 91.7 in October from 84.2 in September, according to the Conference Board.

What happened

The Conference Board Consumer Confidence Index rose 7.5 points to 91.7 (1985=100) in October, the organization said in its monthly release on Tuesday. The September reading, revised slightly up, was 84.2.

The Present Situation Index increased 8.6 points to 120.4. The Expectations Index recovered 6.9 points to 72.6, which only partially reversed three consecutive monthly declines, the Conference Board said.

Consumers' average 12-month inflation expectations declined in October but remained elevated at 5.8%, according to the release. The Conference Board said the recovery was in line with retail gasoline prices easing from September to October.

The cutoff date for the preliminary results was October 21. The Conference Board's survey is a separate measure from the University of Michigan's consumer sentiment index, which FinanceInTime reported at 48.0 in an earlier article; the two use different methods and scales and are not directly comparable.

What to watch

The Conference Board said the next release is on Tuesday, November 24 at 10 a.m. ET. Whether gasoline prices keep easing is one factor the Conference Board linked to the October change. Preliminary results can be revised in the next release.