October 2012 showed another increase in the Conference Board Consumer Confidence Index to its highest level of 2012. The index had increased in September to 68.4; it was up again in October, to 72.2.
Both the components of the index were up in October. The component that looks at consumers' confidence their situation is right now, the Present Situation Index, was up from 48.7 in September to 56.2 in October. The component that looks at how confident consumers are in the future, the Expectations Index, rose from 81.5 in September to 82.9 in October.
"Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver," said Lynn Franco, Director of Economic Indicators at The Conference Board. "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."
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