News

U.S. consumer confidence hits near 7-year high

U.S. consumer confidence hits near 7-year high

CONSUMER CONFIDENCE: The Conference Board, an industry group, said its index of consumer attitudes rose to 92.4 from a downwardly revised 90.3 the month before. Economists had expected a reading of 89, according to a Reuters poll. Photo: Reuters

(Reuters) – U.S. consumer confidence rose in August to its highest level since October 2007 on improved feelings about the current state of the economy, according to a private sector report released on Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes rose to 92.4 from a downwardly revised 90.3 the month before. Economists had expected a reading of 89, according to a Reuters poll.

July’s reading was originally reported as 90.9.

“Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

The expectations index fell to 90.9 from a revised 91.9 figure, while the present situation index rose to 94.6, highest since February 2008, from 87.9.

Consumers’ labor market assessment improved. The “jobs hard to get” index fell to 30.6 percent from 30.9 percent the month before, while the “jobs plentiful” index rose to 18.2 percent from 15.6 percent.

Consumers also expect a slight increase in inflation, with expectations for inflation in the coming 12 months up to 5.5 percent from 5.4 percent.

(Reporting By David Gaffen; Editing by Meredith Mazzilli)

Recent Headlines

7 hours ago in Sports

NFL bars violent offenders from rookie scouting combine

nfl

The National Football League has decided individuals who have convictions for domestic violence, sexual assault or weapon offenses will no longer be allowed to participate in the NFL Scouting Combine.

13 hours ago in National

Gov’t report: 8 states had significant drop in uninsured

obamacare

They are Arizona, California, Colorado, Florida, Illinois, Kentucky, Michigan, and New York. Politically, that's a mix of red, blue and purple states.

14 hours ago in Sports

Party like it’s 1999: Denver to celebrate another Super Bowl

Denver Broncos’ head coach Gary Kubiak, right, reacts after getting soaked with a sports drink by Von Miller (58) after their win against the Carolina Panthers in the NFL Super Bowl 50 football game Sunday, Feb. 7, 2016, in Santa Clara, Calif. The Broncos won 24-10. (AP Photo/Matt Slocum)

The Denver Broncos will board fire trucks and roll slowly through the crowd-lined streets of the Mile High City to celebrate winning the Super Bowl.

14 hours ago in Entertainment, Sports

Super Bowl fans bet record $132.5 million at Nevada casinos

Denver Broncos’ Peyton Manning, center right, holds the trophy after the NFL Super Bowl 50 football game against the Carolina Panthers, Sunday, Feb. 7, 2016, in Santa Clara, Calif. The Broncos won 24-10.  (AP Photo/Matt Slocum)

Denver were a 5-1/2-point underdog to top-seeded Carolina ahead of Sunday's game in Santa Clara, California, but used a ferocious defense to pull out a 24-10 victory.

15 hours ago in Sports

Nearly 112 million watch Super Bowl 50 on TV, below record

Members of the Denver Broncos hold the trophy after the NFL Super Bowl 50 football game against the Carolina Panthers, Sunday, Feb. 7, 2016, in Santa Clara, Calif. The Broncos won 24-10. (AP Photo/Matt Slocum)

Super Bowl 50 was the third most-watched Super Bowl in U.S. history with 111.9 million Americans watching the game on television, ratings data showed.