US Consumer Confidence Rallies to the Highest Level Since Great Recession
Sep, 30th 03:37
A survey of consumer confidence for the US rose in September to the second highest level since the end of the Great Recession, bettered only by a slightly higher reading in January. The privately run Conference Board said its index of consumer confidence climbed to 103.0 this month from 101.1 in August.
The present situation index, a measure of current conditions, also climbed to an eight-year high.
The one downer: The future expectations index fell slightly to 91.0 from 91.6, suggesting Americans are a bit more cautious about the next six months.
The increase in the headline number, however, was a welcome relief to Wall Street. Economists polled by MarketWatch had projected the index to fall to 96.0, partly because of fresh worries about the health of the world economy.
The cheerier mood of U.S. consumers is evident in their spending patterns. Consumers have boosted spending since the spring, aided by a steady stream of new jobs and super-low interest rates that have made it easier to buy cars, homes and other big-ticket items. What probably also helped in September was a big drop in gasoline prices as the summer driving season came to an end.