The Colorado Springs Gazette final

Consumer confidence rebounds in October

Survey signals growth may resume

BY LUCIA MUTIKANI Reuters

WASHINGTON • U.S. consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth was picking up after a turbulent third quarter.

The survey from the Conference Board on Tuesday showed consumers were eager to buy a home and big-ticket items such as motor vehicles and major household appliances over the next six months. The share of Americans planning to go on vacation was the largest since February 2020, just before the nation was slammed by the first wave of COVID-19 infections.

Coronavirus infections over the summer, driven by the delta variant, and supply chain constraints related to the pandemic restrained economic activity last quarter.

“Consumers are more upbeat after a rocky third quarter and this argues for a strong finish for the economy in 2021,” said Christopher Rupkey, chief economist at Fwdbonds in New York. “Consumers know the tight labor market has their backs. Those forecasting a recession from

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2021-10-27T07:00:00.0000000Z

2021-10-27T07:00:00.0000000Z

https://daily.gazette.com/article/281921661257662

The Gazette, Colorado Springs