US Consumer Confidence Rises Most Since 2021 on Labor Market
US consumer confidence increased in October by the most since March 2021 on optimism about the broader economy and the labor market.
The Conference Board’s gauge of confidence jumped 9.5 points to 108.7, the highest level since the start of the year, data released Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 99.5.
A measure of expectations for the next six months rose in October to 89.1, the highest since December 2021. A gauge of present conditions increased more than 14 points, the largest monthly advance since May 2021.
Even with the advance, the consumer confidence gauge remains well below pre-pandemic levels.
“Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data,” Dana Peterson, chief economist at the Conference Board, said in a statement.
The market is also preparing for gold miners’ earnings reports including No. 3 producer Agnico Eagle Mines Ltd., which discloses results after markets close on Wednesday.
Spot gold was 0.8% higher at $2,763.71 an ounce at 10:09 a.m. in New York. The Bloomberg Dollar Spot Index edged higher, while the US 10-year Treasury yield gained. Palladium, platinum and silver all advanced.
Source: Bloomberg
