Consumer confidence advanced in October as Americans enjoyed further price drops at the gas pump and the job market continued to improve.
The Conference Board’s index climbed to 94.5 this month, the highest since October 2007, from a September reading of 89 that was stronger than initially estimated, the New York-based private research group said today. The gauge exceeded the most optimistic projection in a Bloomberg survey of economists.
More job security, gasoline prices at an almost four-year low, and a strengthening labor market are setting the stage for a stronger expansion. Bigger wage increases and a reduction in long-term unemployment would help keep sentiment improving and lay the groundwork for gains in spending, which makes up almost 70 percent of the economy.
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