Consumer confidence at seven-month high
September 25, 2012
Filed under News
Consumer confidence shot up nine points for September as Americans reported feeling better about the U.S. economy this month.
The Conference Board Consumer Confidence Index now stands at 70.3, up from 61.3 in August. That’s the highest mark since February’s 71.6.
Consumers feel markedly more optimistic about the future than they did a month ago, with the “Expectations Index” increasing more than 12 points from 71.1 to 83.7. The “Present Situation Index” rose to 50.2 this month from 46.5 in August.
From Lynn Franco, director of economic indicators at The Conference Board:
“The Consumer Confidence Index rebounded in September and is back to levels seen earlier this year (71.6 in February 2012). Consumers were more positive in their assessment of current conditions, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation. Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months.”
The Conference Board release follows last week’s Bloomberg Consumer Comfort Index that showed the biggest drop in consumer pessimism in three years.
The Reuters/University of Michigan Consumer Sentiment Index, the other major measure of consumer confidence, comes out with its final numbers Thursday. The preliminary reading for September was 79.2, the second-highest level in five years.