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

in Sports

Grand jury to weigh case against Stewart in fatal crash

Fresh
stewart

The case of a fatal dirt-track accident involving the three-time NASCAR champion will be heard by a grand jury.

in National

UPS hiring 95K temp workers for holiday season

Fresh
ups

UPS is almost doubling the number of seasonal employees for this year's holiday shopping season.

in National, World

Obama to deploy troops as Ebola crisis worsens

ebola

The U.S. announced a ramped-up plan to help tackle the Ebola outbreak, including a major deployment in Liberia.

in Sports

Tuesday’s Sports Minute

griffin

In addition to the latest on the Adrian Peterson case and the Eagles comeback over the Colts, here is a…

in National

FCC sees record feedback on ‘net neutrality’

net

The FCC has received a record number of comments from consumers and lawmakers on proposed new Internet traffic rules.