U.S. consumers’ confidence rises in October (50.2)

[Roland99]

Source: m

Consumer confidence rose in October, though it remains near historically low levels, with a monthly gauge compiled by the Conference Board increasing to 50.2.

“Consumers’ assessment of the current state of the economy is relatively unchanged, primarily because labor market conditions have yet to significantly improve,” said Lynn Franco, director of the Conference Board’s consumer research center, in a statement Tuesday.

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A barometer on consumers’ expectations increased to 67.8 in October from 65.5 in September. The portion of those expecting business conditions to be “better” in six months rose to 16% in October from 15% in September, but a clear majority of consumers — almost 70% — expect conditions to be the “same.”

Meanwhile, consumers’ assessment of the present situation rose to 23.9 from 23.3. The percentage of consumers saying business conditions are “bad” fell to 41.9% in October from 46% in September, with almost half of respondents — 49.6% — telling the Conference Board that they believe conditions are “normal.”

Read more: http://www.marketwatch.com/story/us-consumers-confidence-rises-in-october-2010-10-26