Consumer confidence sees September surge

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Consumer confidence reached a seven-month high in September.

The Conference Board’s index increased to 70.3 this month from 61.3 in August, figures from the New York-based private research group showed today.

Bloomberg Businessweek reported that the September figure exceeded the most optimistic projection of economists, whose median estimate in a Bloomberg survey called for 63.1.

"Consumers were more positive in their assessment of current conditions, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement. “Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months."

The group’s measure of present conditions increased to a five-month high of 50.2 from 46.5 in August. The measure of expectations for the next six months advanced to 83.7, the highest since February, from 71.1.

The percent of respondents in the Conference Board survey expecting more jobs to become available in the next six months climbed to 18.5, the highest since February, from 15.8 the previous month. The proportion of consumers who expect their incomes to rise over the next six months rose to 16.3, the highest this year, from 16 percent in August.

Click here for the full Bloomberg Businessweek report.

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