Capital's expectations would mean the third above-70 number in 2012. and the higher reading since March 2008. The Conference Board is scheduled to publish the October Consumer Confidence report next Tuesday October 30 at 14:00 GMT.
"Although equity prices have been broadly stable, the slowdown in the pace at which gasoline prices have been rising may have provided some relief to households," comments the Capital Economics' analyst team. "In the first three weeks of the month, seasonally adjusted prices rose by only 0.9% m/m, compared to a cumulative increase of 16% in the previous two months. The recovery in the housing market has also continued. This was perhaps behind the improvement in some of the other measures of confidence."
"We think that the Conference Board measure may have risen from 70.3 to 74.0 in October," points Capital. "This would follow in the footsteps of the University of Michigan measure, but we doubt the Conference Board measure will rise all the way to 80.0."