United States: Consumer confidence rises to highest level in nearly five years
November 1, 2012
In October, the Conference Board consumer confidence index rose to 72.2 points from the revised 68.4 points recorded in September (previously reported: 70.3 points), reaching its highest level since February 2008. The figure, however, undershot market expectations, which had anticipated the index rising further to 74.0 points. As a result of the monthly rise, consumer confidence now stands 31.3 points above the level recorded in the same month a year ago. According to the Conference Board, consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver. Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season.