The Conference Board said Tuesday that its Consumer Confidence Index rose 7.5 points to 91.7 in October from 84.2 in September, which the group slightly revised higher^1,2.

September had been the lowest reading in the survey since April 2014, below the pandemic trough, according to the Associated Press¹.

The Conference Board said the rebound was in line with easing retail gasoline prices, while the index remained on a multiyear downward trend^1,2.

AAA put the U.S. average for regular gasoline at $4.27 a gallon on Tuesday, down from $4.48 a month earlier and above $3.05 a year earlier, the AP reported¹.

The Conference Board's Present Situation Index, based on views of current business and labor conditions, increased 8.6 points to 120.4, the group said².

Write-in responses in the survey, with a preliminary cutoff of Oct. 21, still cited high costs for goods, services and energy, the Conference Board and AP said^1,2.

The Labor Department's consumer price index rose 3.7% in September from a year earlier, up from 3.4% in August, with a 0.6% monthly increase, the AP said¹.

The Federal Reserve raised its benchmark rate a quarter point six weeks ago to about 3.9%, its first increase since 2023, and has signaled another hike later this year is possible, though few expect one at this week's meeting, according to the AP¹.

The share of respondents who said jobs were plentiful rose to 26.7% from 24.3% in September, while 21.4% said jobs were hard to get, unchanged, the AP reported¹.

U.S. employers added 29,000 jobs in September and the unemployment rate ticked up to 4.2%, below economists' roughly 90,000 payroll estimate, the AP said¹.