Consumer Confidence in U.S. Rose More Than Forecast |
Bloomberg - Jan 25, 2011 |
Confidence among U.S. consumers rose more than forecast in January to the highest level in eight months as Americans became more optimistic about job prospects.
The Conference Board’s index of sentiment increased to 60.6 from a revised 53.3 the prior month that was higher than previously estimated, figures from the New York-based private research group showed today. Economists projected the January gauge would rise to 54, according to the median forecast in a Bloomberg News survey.
A pickup in optimism, an improving labor market and tax relief may combine to encourage consumers, whose spending accounts for about 70 percent of the economy. Federal Reserve Chairman Ben S. Bernanke said joblessness will still be slow to decline this year, indicating policy makers meeting today and tomorrow will stick to their plan for more stimulus.
“Confidence is going in the right direction,” Brian Jones, an economist at Societe Generale in New York, said before the report. “In general, the labor market is improving, and you need to have continued improvement there to keep consumer confidence rising.”
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- Posted: 2011-01-25 09:07:41
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