New statistics reveal consumers may be loosening their purse strings.
Consumer confidence, a major reflection of both spending trends and market optimism, rose to its highest point since February this month, according to new data released by the Conference Board‘s latest national index. Not only is consumer confidence riding a significant wave, this month’s index peak of 70.3 also represents:
- a nine-point jump between August and September, and
- the second-highest mark in more than two years.
According to analysts, consumer spending accounts for more than two-thirds of the U.S. economy, which makes this latest data a welcome surprise, especially given businesses are now entering the end run of 2012, as well as the holiday shopping season. The Consumer Expectations Index made a significant leap as well, which means consumers aren’t only spending, they’re actually optimistic about the prospect for economic recovery.
To read the Conference Board’s full report, click here.