Consumer confidence rose to a 5-month high in September amid solid job gains, declining gas prices and easing inflation, but according to NAHB Eye on Housing, Americans are still conflicted about how they should spend their money. While purchasing intentions for cars and major appliances increased in September, home purchasing plans fell as a result of elevated interest rates in the housing market.
Consumers were optimistic about business conditions and employment over the next six months, but the share of respondents planning to buy a home dropped to its lowest level since September 2021.
The Consumer Confidence Index, reported by the Conference Board, increased 4.4 points from 103.6 to 108.0 in September, the highest level since April 2022. The Present Situation Index increased 4.3 points from 145.3 to 149.6, and the Expectation Situation Index climbed 4.5 points from 75.8 to 80.3, the highest since February 2022.