By: Daryl Tolliver
Americans are growing cautiously more optimistic in the state of the economy, as employment figures show two consecutive months of gains.
The Conference Board Consumer Confidence Index climbed to 72.2, up from 68.4 in September. In addition, the Present Situation Index also showed gains, increasing to 56.2 from 48.7, and the Expectations Index rose to 82.9 from 81.5. Lynn Franco, director of Economic Indicators at The Conference Board, said the positive jobs numbers are playing a central role in the steady uptick in consumers' optimism.
"The Consumer Confidence Index increased again in October and is now at its highest level this year," she noted. "Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver. Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season."
However, the holiday season can also be a stressful period for Americans as additional costs can result in higher levels of debt and financial strain. During this period, the demand for money-saving tools, such as customer loyalty programs, may increase as consumers try to keep costs low.