US economy: Consumer confidence on the rise as holiday season approaches

American consumers are feeling a bit more confident this month, according to a national survey that finds consumers are more optimistic about the economy.

Triangle shoppers like Ellen Lawrence agreed that things seem to be moving in the right direction.

“I think it’s kind of interesting. Like for us, it’s positive,” Lawrence said. “The stock market has gone up quite a bit. So prices are higher. But we’ve seen we’ve seen the benefit of the stock market.”

The Conference Board said its consumer confidence index jumped to 108.7 in October from 99.2 in September, which is the biggest monthly gain since March of 2021.

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

“It’s surprising to me how well the economy has held up, given the increase in interest rates … concerns about inflation,” UNC economist Gerald Cohen said

Cohen cited a resilient job market, declining inflation and lower gas prices as some of the factors at play in why consumers are feeling better about things heading into the holiday season.

“The rising stock market puts money in (peoples’ pockets),” Cohen said. “People look at their statements and they feel positive. So all of those kind of lead to … drivers of confidence.”

Although Cohen said the economy is overall looking “quite healthy,” it’s unclear whether the election outcome will be seen as negative, or positive by households both from a confidence as well as an economic standpoint.

However, for Amber Brennan, who’s a small business owner, things look like they’re moving in the right direction as Election Day approaches.

“As an entrepreneur and small business owner, in this economy, there’s hard months and there’s good months,” Brennan said, who owns Rose & Lee Co in Apex and downtown Durham.

“I think that makes all retailers super excited. It’s been a rough several years with COVID and ups and downs in the economy. So any time consumer confidence is good … that’s going to make us look forward to, I guess, getting in the black.”