US consumer confidence jumps in September

US consumer confidence jumps in September

The Conference Board's consumer-confidence index increased to a seasonally adjusted 104.1 in September from an upwardly revised 101.8 in August, the group said Tuesday. Resale markets were the only component that showed growth, albeit slight, rising from last month's 3.4% to 3.5% in September. 27, the Conference Board releases its September index on USA consumer confidence.

While consumer saying business conditions are "bad" fell to 16.2 percent from 18.2 percent, those saying conditions are "good" also dipped to 27.4 percent from 30.3 percent.

"Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead", said Lynn Franco, director of economic indicators for the Conference Board.

The Zions Bank Utah Consumer Attitude Index rose 1.8 points to register at 113.2 for the month of September - the third straight month the index has eclipsed the 110-point threshold. "Looking ahead, consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects".

Expectations for the next six months increased in September, the report stated, due to a slightly more positive outlook on future business conditions.

Analysts also attributed the gains to increased investor confidence in a victory in the November election by Clinton, who is viewed as less of a wildcard for Wall Street than Republican Donald Trump.

"The rise in the present situation index appears to reflect an improvement in labor market conditions", Capital Economics Chief Economist Paul Ashworth said. The labor index - which represents the percentage of respondents who think jobs are plentiful minus the percentage who think jobs are scarce - increased to 6.3 percent this month, up from 4 percent last month. "Overall, a lot better than expected, but confidence hasn't been a great guide to actual consumer spending in recent years".

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