Consumer Confidence Soars
Consumer confidence in the United States rebounded in September, exceeding analysts' expectations and helping boost the stock market in early trading today.
The Conference Board's Consumer Confidence Index, which had declined in August, shot up 9 points last month to a reading of 70.3 on a 100-point scale. It was the highest reading in the index since February, when it reached 71.6.
Lynn Franco, director of economic indicators at The Conference Board, said consumers were more positive in their assessment of current conditions, particularly the job market, and "considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation." Despite continuing economic uncertainty, Franco said, consumers are slightly more optimistic than they have been in several months.
The news helped boost the stock market in early trading today. The Dow Jones Industrial Average picked up 0.34 percent by 11:30.
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