This rise in consumer confidence defied economists’ forecasts, as a Dow Jones survey had projected a headline number of 99.5.
“Consumers’ assessments of current business conditions turned positive,” said Dana Peterson, chief economist at the Conference Board.
She noted that “views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labour market data.”
However, the Bureau of Labor Statistics reported a decline in US job openings, down to 7.44 million in September – a drop of over 400,000 from the prior month’s revised figure, marking the lowest level since January 2021. This figure also fell short of Wall Street’s forecast of 8.0 million.
With this decrease, the ratio of job vacancies to available workers has shifted to below 1.1 to 1, contrasting with the 2 to 1 ratio seen in mid-2022.
