Days before US election, Americans more upbeat about economy, stock market, shows Consumer Confidence Index

Just days ahead of the Presidential election, Americans are feeling more confident of about their economic prospects and gains in the US stock market, the latest consumer confidence report by The Conference Board shows. The report, released on October 29, says that consumer confidence is at the strongest since March 2021, and for the first time since July last year, there is a 'cautious optimism' about future job prospects.

“October’s increase in confidence was broad-based across all age groups and most income groups. In terms of age, confidence rose sharpest for consumers aged 35 to 54. On a six-month moving average basis, householders aged under 35 and those earning over $100K remained the most confident,” the report cited Dana M Peterson, Chief Economist at The Conference Board.

The proportion of consumers anticipating a recession over the next 12 months too has dropped to its lowest since 2022, as also the percentage of consumers believing the economy was already in recession. The Conference Board Consumer Confidence Index is an economic indicator calculated by The Conference Board, a non-governmental organization.

Consumers were also more upbeat about the US stock market, with 51.4% expecting prices to rise over the next year, and only 23.6% expecting stocks to decline. This is the most optimistic reading on the stock market prospects since 1987.