US October consumer confidence 108.7 vs 99.5 expected

• Prior was 98.7 (revised to 99.2)
• Present Situation Index 138.0 vs. 124.3 prior
• Expectations Index 89.1 vs 81.7 prior

This number isn’t as good as it looks as it surprisingly fell to 98.7 compared to 104.0 expected in the prior report.

That said, it was the strongest gain since March 2021 and there is also this:

“The proportion of consumers anticipating a recession over the next 12
months dropped to its lowest level since the question was first asked in
July 2022, as did the percentage of consumers believing the economy was
already in recession. Consumers’ assessments of their Family’s Current
Financial Situation were unchanged, but optimism for the next six months
reached a series high.”

These numbers tend to be strongly correlated with politics and gasoline prices but that sounds like real optimism.

This article was written by Adam Button at www.forexlive.com.