World Economy

Consumer Confidence Rises in US in Sept.

Consumer Confidence Rises in US in Sept.Consumer Confidence Rises in US in Sept.

US consumer confidence grew moderately in September, building on August’s strong rebound, as consumers turned more positive about current economic conditions, the Conference Board reported Tuesday.

The Consumer Confidence Index rose to 103.0 in September, from a slightly downwardly revised 101.3 last month, beating market expectations for a sharp drop in confidence, AFP reported.

“While consumers view current economic conditions more favorably, they do not foresee growth accelerating in the months ahead,” said Lynn Franco, director of economic indicators at The Conference Board. The index for views of the current situation jumped to 121.1 in September from 115.8, while that for the outlook in the coming six months slipped slightly.

Respondents to the survey grew more optimistic about current business conditions but were divided about the job market. Looking ahead, fewer consumers expected business conditions to improve in the next half year, and more expected them to worsen. Those seeing “plentiful” jobs rose three percentage points to 25.1%, while those claiming jobs are “hard to get” also rose, by almost the same amount, to 24.3%.