Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood.
The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August, the highest it has been since April. The monthly survey found that Americans are feeling less pessimistic in both their assessment of current conditions and their outlook for the future. The Present Situation Index portion of the survey rose from 145.3 to 149.6. The Expectations Index, which is based on the short-term economic outlook, rose from 75.8 to 80.3.
“We’ve been surprised with just how correlated consumer confidence has been with energy costs and fuel costs,” said Keith Buchanan, portfolio manager at Globalt Investments. “It makes people feel better when the weekly stop at the gas pump costs 30% less than it did three months ago.” Although the average national price of a gallon of gas recently reversed course, breaking a 99-day streak of falling prices, it remains well below June’s record high of $5.02.
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