U.S. consumer confidence rebounded in October as Americans gave a better assessment of business conditions, though concerns about prices and household purchasing power remained.

The Conference Board said Tuesday its Consumer Confidence Index rose 7.5 points to 91.7, from an upwardly revised 84.2 in September. The increase is measured in index points, not a 7.5% gain. Reuters independently reported the figures.

Better views of business conditions

The Present Situation Index, which measures views of current business and labor-market conditions, climbed 8.6 points to 120.4. The Expectations Index, covering the short-term outlook for income, business and jobs, rose 6.9 points to 72.6, only partly reversing three consecutive monthly declines.

The Conference Board said the improvement was driven mainly by more favorable views of current and expected business conditions. Consumers’ assessments of job availability also improved modestly.

Price concerns and cautious spending plans

The rebound did not erase the longer-term downward trend in confidence, the group said. Consumers continued to mention high prices, groceries and fuel costs in their written responses, while concerns about jobs also edged up.

Consumers planned less spending on services and durable goods over the next six months. Plans to buy cars and homes slipped on a six-month moving-average basis, and vacation plans also declined. Those answers describe intentions, not a measured drop in actual purchases.

The preliminary October survey was conducted from October 1 through October 21. The index uses 1985 as its benchmark of 100; a reading of 91.7 is not a percentage of Americans who feel confident.