U.S. consumer confidence rises as home sales decline
U.S. consumer confidence increased for the first time in four months, supported by improving expectations for the labor market and broader economic conditions.
According to data released by The Conference Board, the Consumer Confidence Index rose by 7.5 points to 91.7 in October. The reading marked its highest level since June and exceeded market expectations of 81. The Expectations Index, which measures consumers' outlook for the next six months, also climbed to 72.6.
Meanwhile, U.S. new home sales declined by 0.6% in September to a seasonally adjusted annual rate of 676,000 units. Although sales exceeded market expectations of 651,000, elevated mortgage rates continued to weigh on housing demand. The median sales price of new homes fell by 3.9% year over year to $400,400. Mortgage rates reaching their highest level in three years in early October further highlighted persistent weakness in the housing market.
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