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US consumer confidence soars the most in 17 years as recovery optimism rebounds - Business Insider

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US consumer confidence soars the most in 17 years as recovery optimism rebounds

Consumer confidence spiked higher through August as Americans' expectations for economic recovery significantly improved.

"A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month's rebound in confidence," Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement.

The Conference Board's index of present situations jumped to 98.5 from 85.8 last month. The non-profit's Expectations Index — which tracks consumers' short-term outlook for the labor market, income, and business activity — rose to 104 from 86.6. "Given the performance of stocks in recent weeks, and the loss of momentum apparent in the near-real-time labor market data, we expect confidence to dip in October," Shepherdson said.4 reasons why the stock market will be volatile throughout October. And 3 reasons why this presents opportunities, Evercore says

 

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