Consumer Confidence Rises on Improving Job Outlook
The U.S. consumer confidence index rose in December to 78.1, up from 72 in November, helped by a more positive outlook for hiring and overall growth. The Conference Board reports that consumer confidence has nearly returned to where it was prior to the partial government shutdown in October, with optimism spurred by steady job gains and a surging stock market. “The upbeat consumer mood bodes well for spending in 2014,” notes TD Economics’ Michael Dolega. Barclays Capital economists estimate the confidence index averaged 73.3 in 2013, representing a six-year high. The Conference Board report suggests that U.S. consumers are willing to make bigger purchases, as the percentage of consumers planning to buy a home in the next six months climbed to the highest level since July. Moreover, the proportion of consumers planning to buy a major appliance in the next six months increased in December from November. In addition, U.S. consumers boosted their spending in November by the most in five months.
From “U.S. Consumer Confidence Rises on Better Job Outlook”
Associated Press (01/01/14) Rugaber, Christopher S.