U.S. consumer confidence rose in October to its
highest in more than four years as Americans were more upbeat about
improvements in the labor market, a private sector report showed on
Thursday.
The
Conference Board, an industry group, said its index of consumer
attitudes gained to 72.2 from a downwardly revised 68.4 in September. It
was the highest level since February 2008, though it came in shy of
economists' estimates for 72.5.
September was originally reported as 70.3.
The expectations index edged up to 82.9 from 81.5, while the present situation index jumped to 56.2 from 48.7.
Consumers'
labor market assessment improved, with the "jobs hard to get" measure
slipping to 39.4 percent from 40.7 percent. The "jobs plentiful" gauge
gained to 10.3 percent from 8.1 percent.
Consumers
"appear to be in better spirits approaching the holiday season," Lynn
Franco, director of The Conference Board Consumer Research Center, said
in a statement.
U.S. stocks added to gains immediately following the release while Treasurys prices slipped slightly.
Consumers
views on price increases were unchanged from September with
expectations for inflation in the coming 12 months holding at 5.9
percent.
Read more: http://www.cnbc.com/id/49639222
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