Tags: U.S. | Consumer | Confidence | Rises | Sharply | September

U.S. Consumer Confidence Rises Sharply in September

Tuesday, 26 September 2006 12:00 AM

NEW YORK -- U.S. consumer confidence rose more sharply than expected in September as energy costs fell and job prospects improved slightly, a survey showed on Tuesday.

The Conference Board said its index of consumer sentiment climbed in September to 104.5, up from an upwardly-revised 100.2 in August. The index had dropped in August to a nine-month low, originally reported at 99.6.

Economists polled by Reuters on average had forecast that the index likely edged up to 102.3 for September.

"A more favorable assessment of current conditions coupled with a less pessimistic short-term outlook boosted consumer confidence this month," said Lynn Franco, director of The Conference Board Consumer Research Center. "However, even though consumers' concerns have eased, there is little to suggest a significant change in economic activity as we enter the final quarter of 2006."

The business research group's present situation index rose to 127.7 from an upwardly-revised 123.9 in August, while the expectations component rose to 89 from an upwardly-revised 84.4.

Consumers' outlook for the labor market improved slightly in September, according to the Conference Board.

Those expecting more jobs to become available in the coming months rose to 14.4 percent from 14.2 percent in August and consumers surveyed who said jobs were "plentiful" increased to 25.9 percent in September from 24.5 percent.

Sentiment indexes have traditionally been seen as a gauge of consumer spending, which accounts for roughly two-thirds of overall U.S. economic activity.

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NEW YORK -- U.S. consumer confidence rose more sharply than expected in September as energy costs fell and job prospects improved slightly, a survey showed on Tuesday. The Conference Board said its index of consumer sentiment climbed in September to 104.5, up from an...
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2006-00-26
Tuesday, 26 September 2006 12:00 AM
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