The US consumer confidence index rebounded in October for the first time in four months, significantly exceeding market expectations.

According to the Conference Board, a US economic research organization, on the 27th (local time), the US consumer confidence index for October rose 7.5 points from the previous month's 84.2 to 91.7 (based on 1985=100), the highest level since last June.

This substantially surpassed the expert forecast of 81 compiled by Dow Jones.

Breaking it down by category, the present situation index, which reflects current business and labor market conditions, stood at 120.4, up 8.6 points from the previous month.

The expectations index, which reflects short-term future outlooks, rose 6.9 points to 72.6, turning upward after three consecutive months of decline.

"This recovery is related to the decline in retail gasoline prices in September and October," said Fergus McCormick, chief economist at the Conference Board. "However, despite October's increase, the index has maintained a long-term downward trend spanning several years."

According to the American Automobile Association (AAA), the average price of regular unleaded gasoline across the US stood at $4.27 per gallon as of this day, down from $4.48 a month ago.

However, this remains much higher compared to the price of $3.05 a year ago.

"Consumers plan to reduce spending on services and durable goods over the next six months," McCormick explained, adding that "this reflects high price levels and sustained inflation, which have weakened purchasing power."

This survey was conducted online from the 1st to the 20th among a consumer panel of more than 36 million people.

(Photo: AP, Yonhap News)