Consumer Confidence: Renewed Surge To Cycle High

Bottom Line: Favorable assessments of the job market pushed consumer confidence to new cycle highs in October. Confidence, at 125.9, is above its three month average of 122.3. Consumers' assessments of current situations increased, continuing the pace of steady gains, while headline expectations rose but have been rather volatile month-to-month over the past year. Consumers reporting that jobs are "hard to get" fell to levels not seen since the early 2000s, as those reporting jobs are "plentiful" rose to a 16+ year high. Consumer Confidence ROSE by 5.3 points in October to 125.9, compared with market expectations for a decline to 120.0. The index is now 24.9% ABOVE its year ago level. Present Situation Index ROSE by 4.2 points to 151.1. The index is 22.7% ABOVE its year ago level. The Expectations Index ROSE by 6.1 points to 109.1. The index is 26.9% ABOVE its year ago level. The labor differential, the percentage of respondents who said jobs are “hard to get” from the percentage who said jobs are “plentiful” , moved higher by 4.1 points to 18.8.