Consumer Confidence Jumps 7.5 Points in October, Crushing Forecasts

Consumer confidence rebounded sharply in October, beating Wall Street’s expectations by a wide margin as gas prices eased heading into the final week of the midterm campaign, according to a report released Tuesday by The Conference Board.

The Conference Board said its Consumer Confidence Index rose 7.5 points to 91.7 in October, up from a slightly revised 84.2 in September. Economists had expected a reading of 81.0, according to the financial news site investingLive.

.@POTUS: "A consumer confidence report just came out. It's up at a record increase — 7.5%. Just came out. That's a great number." https://t.co/zpuSa6wEoz pic.twitter.com/AOGrgGsEsM

— Rapid Response 47 (@RapidResponse47) October 27, 2026

President Trump touted the number to reporters before boarding Air Force One for Texas on Tuesday. “A consumer confidence report just came out. It’s up at a record increase — 7.5%. Just came out. That’s a great number,” Trump said, in remarks posted on X by the White House’s Rapid Response 47 account. The Conference Board reported the gain as 7.5 index points.

Present conditions and expectations both improved

The Conference Board said its Present Situation Index, which measures how consumers view current business and labor market conditions, jumped 8.6 points to 120.4. Its Expectations Index, which tracks the short-term outlook for income, business and jobs, rose 6.9 points to 72.6, according to the group.

According to The Conference Board, 21.4% of consumers said business conditions were “good” in October, up from 18.8% in September. The group said the labor market differential, the share of consumers saying jobs are “plentiful” minus those saying jobs are “hard to get,” improved by 2.4 points to +5.3%.

The report also found that confidence improved across all political affiliations in October, “but much more so for Republicans,” according to The Conference Board.

Gas prices drove the rebound

“Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions,” Fergus McCormick, senior economist for global indicators at The Conference Board, said in the release. “The recovery was in line with retail gasoline prices easing from September to October.”

According to investingLive, September’s originally reported reading of 81.9 was the lowest since 2014 before it was revised up, which makes October’s bounce a recovery from a deep hole rather than a new high. The Conference Board said confidence returned to June levels.

The group was also candid that the rebound has limits. McCormick said confidence “remained on the long-term downward trend that’s persisted over the past few years,” and that consumers planned to spend less on services and durable goods over the next six months, according to the release. McCormick said that pullback likely reflected “higher price levels and persistent inflation, which eroded consumers’ purchasing power.”

A week before Election Day

The report lands one week before the November 3 midterm elections, with the cost of living still a top concern for voters and the White House eager to show the economy turning a corner.

Trump, who was heading to rallies in Texas on Tuesday, also told reporters that oil prices would be “dropping very sharply, very soon,” according to video posted by Fox News. Whether that prediction holds will likely shape the next confidence reading, since The Conference Board tied October’s gain directly to cheaper gasoline.

The survey’s preliminary results were based on responses collected October 1 through 21, according to The Conference Board.

Sources

• The Conference Board: US Consumer Confidence
• PR Newswire: US Consumer Confidence Increased in October
• investingLive: October US consumer confidence 91.7 vs 81.0 expected
• Rapid Response 47 on X
• Fox News on X

Reporting by Daily Beltway.