kunc-header-1440x90.png
NPR for Northern Colorado
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Consumer Confidence Hits Highest Point In Nearly Five Years

"Black Friday" 2011 in Manhattan. Will consumers come out in force this holiday season? Their confidence was high in October.
Michael Nagle
/
Getty Images
"Black Friday" 2011 in Manhattan. Will consumers come out in force this holiday season? Their confidence was high in October.

By at least one measure, in October consumers were the most confident they've been since February 2008, the private Conference Board reports.

Its widely watched consumer confidence index rose to 72.2 from 68.4 in September. According to a statement from the board's director of economic indicators, Lynn Franco, "consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver. Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season."

Since consumers purchase about 70 percent of all goods and services, their mood is a key economic indicator.

This news follows the morning's other major economic indicators, which included word that private payrolls may have increased last month by about 158,000 jobs.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

Mark Memmott is NPR's supervising senior editor for Standards & Practices. In that role, he's a resource for NPR's journalists – helping them raise the right questions as they do their work and uphold the organization's standards.
Related Content
  • Claims for jobless benefits dipped and one measure showed a gain last month in private jobs. But employers also announced more layoffs. The picture may get clearer on Friday, when October's unemployment rate will be reported.
  • Sandy's economic cost won't be known for weeks or even months, but there are clear financial losers and some beneficiaries from the devastating storm. While airlines, many hotels and small businesses are clear losers, home improvement chains and construction crews will come out ahead. But overall, natural disasters are not good for the economy, despite the activity that rebuilding generates.
  • In the second of a three-part series, All Things Considered asks several Americans with incomes solidly in the mid-five figures why they feel they've landed on the middle of the nation's economic ladder.
  • The pace of sales was up 5.7 percent in September vs. August, and was 27.1 percent higher than in September 2011. Today's news is further evidence that the housing sector is on the rebound.