Consumer Confidence in U.S. Rises to Almost Seven-Year High
Source: Bloomberg
By Shobhana Chandra Aug 26, 2014 10:28 AM ET
Consumer confidence in the U.S. unexpectedly climbed in August to the highest level in almost seven years, reinforcing signs of a strengthening outlook for the second half of 2014.
The Conference Board’s sentiment gauge rose to 92.4, the highest since October 2007, from a revised 90.3 a month earlier, the New York-based private research group said today. The median forecast in a Bloomberg survey called for a decline to 89.
Americans are finding more reasons to be upbeat about their prospects for the rest of the year as recent reports pointed to a pickup in the job market and stock prices advanced to records. Stronger sentiment will also help underpin consumer spending, which makes up almost 70 percent of the economy.
“Consumer confidence can sustain these high levels and even build on it a little,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York, said before the report. “The key driver is the labor market, and the numbers there have been showing an improvement.”
Read more: http://www.bloomberg.com/news/2014-08-26/consumer-confidence-index-in-u-s-increases-to-92-4-in-august.html
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