The metric is based upon consumers’ view of business conditions and the job market.

“Consumer confidence increased in October, following a modest gain in September, and remains at levels last seen in the fall of 2000 (September 2000: 142.5),” said Lynn Franco, the Conference Board's senior director of economic indicators, in a prepared statement. “Consumers’ assessment of present-day conditions remains quite positive, primarily due to strong employment growth. The expectations index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon. Rather, they expect the strong pace of growth to carry over into early 2019.”

The index rose to 137.9 from 135.3 in September. The board expects inflation to be at 4.8 percent for the coming 12 months. The share of consumers who expect business conditions to improve in the coming six months rose to 26.3 percent, from 25.8 percent in September. Households expecting incomes to rise over that same period rose to 24.7 percent, from 22.5 percent.