U.S. Consumer Confidence Index Rises to 3-Year High

http://www.insidearm.com/news/00024262-us-consumer-confidence-index-rises-to-3-y/

The Reuters/University of Michigan Consumer Confidence Index rose to its highest level since January 2004, and the second highest reading since December 2000.

The preliminary reading of consumer sentiment showed the index at 98, up from 91.7 in December. To put that number into context, the average reading for 2006 was 87.3.

Declining energy prices and a general shrugging-off of the impotent housing market are cited as primary causes for the increase.

“The consumer is feeling good: they like declining energy prices, they like tightening labor markets,” said Nigel Gault, director of U.S. research at Global Insight Inc. “This says that we can’t really see evidence that the housing market is causing consumers to pull back.”

U.S. Consumer Confidence Index Rises to 3-Year High

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