American consumers are feeling noticeably better about the economy than they were a month ago, according to data released this week — though they're still bracing for prices to keep climbing.

The Conference Board's consumer confidence index jumped 7.5 points in October to 91.7, up from 84.2 in September and well above the roughly 81 economists had expected, according to reporting on the release. It's the index's highest reading since June and its largest one-month jump in months.

Cheaper gas, same inflation worries

Conference Board senior economist Fergus McCormick tied the rebound directly to prices at the pump, noting that the recovery in sentiment lined up with gasoline prices easing from September into October. But the relief has limits: consumers' expectations for inflation over the next 12 months, while down slightly from September, remained elevated at 5.8% — well above the roughly 2% rate the Federal Reserve targets.

A RELIEF MOVE, NOT NECESSARILY A TREND REVERSAL

Separate tracking of the survey's "expectations" sub-index — which measures how consumers feel about where the economy is headed, rather than how it's doing right now — put that reading at 72.6, still below the Conference Board's own threshold of 80 that it has historically treated as a signal of recession risk, according to analysis published by Verified Investing. That's the seventh time this year the expectations gauge has landed below that threshold, a run that has prompted some economists to caution against reading too much into a single month's bounce.

What it means

The mixed picture — better headline sentiment, but persistently jittery expectations about the future — mirrors a broader economic story that's played out through much of 2026: resilient spending alongside stubborn worry about the cost of living. Coming just days before next week's elections, the confidence data is also likely to feature in closing political arguments from both parties about who voters should trust with the economy.

What's next

The Conference Board's November reading, along with the government's broader employment and inflation reports due in the coming weeks, will show whether October's gain was the start of a real recovery in sentiment or just a one-month blip tied to cheaper gas.