Consumer confidence rises to an 18-year high in October

A shopper makes a purchase at the J.C. Penney department store in North Riverside, Illinois.
Kamil Krzaczynski | Reuters
A shopper makes a purchase at the J.C. Penney department store in North Riverside, Illinois.

U.S. consumer confidence rose to an 18-year high in October, driven largely a robust labor market, suggesting strong economic growth could persist in the near term.

The Conference Board said its consumer confidence index increased to a reading of 137.9 this month, the highest reading since September 2000, from a downwardly revised 135.3 in September. Economists polled by Reuters had forecast the consumer index slipping to a reading of 136.0 this month from the previously reported 138.4 in September.

"Consumers do not foresee the economy losing steam anytime soon," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Rather, they expect the strong pace of growth to carry over into early 2019."