US consumer confidence rises in October as retail gasoline prices decline

Americans continue to navigate elevated living costs and slowing job growth, with average hourly wages rising just 3% over the past year while consumer prices climbed 3.7% in September.

• •The Conference Board consumer confidence index rose 7.5 points to 91.7 in October, up from 84.2 in September.
• •Respondents' views of their present situation increased by 6.9 points to 72.6, and the short-term outlook climbed 8.6 points to 120.4.
• •The average price for a gallon of regular gas in the U.S. fell to $4.27 on Tuesday, down from $4.48 a month ago.
• •The consumer price index rose 3.7% in September compared to a year ago, accelerating from 3.4% in August.
• •Monthly costs jumped 0.6% from August to September, marking the biggest gain in five months.
• •The Federal Reserve raised its benchmark interest rate to about 3.9% six weeks prior to combat inflation.
• •The personal consumption expenditures price index rose 3.4% in August from a year earlier.
• •U.S. employers added 29,000 jobs last month, and the unemployment rate ticked up to 4.2%.
• •Average hourly wages rose 3% last month from a year earlier, the smallest year-over-year gain since May 2021.