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American Confidence in Economic Recovery Grows
The Conference Board's index of consumer confidence rose to 73.7 this month from 73.1 in October.
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The Conference Board's index of consumer confidence rose to 73.7 this month from 73.1 in October. The latest reading is the highest since February 2008.
The New York City-based research group attributes much of the improvement to growing optimism about the U.S. job market. The board says a record 6.9% of Americans plan to buy a house. But the number intending to buy a new car dipped.
The group's findings echo those of the University of Michigan, which said late last week that its consumer sentiment index climbed to a five-year high.
Other economic reports on Tuesday buttressed that optimism. The S&P/Case-Schiller index of U.S. property values advanced 3% in September compared with a year earlier. Eighteen of the 20 cities in the index posted year-over-year gains.
The Dept. of Commerce says orders for capital goods excluding aircraft and defense considered a proxy for future business investment increased 1.7% from September to October.
Separately, Ford Motor Co. opines that consumers aren't letting worries about the "fiscal cliff" deter them from buying vehicles. Analysts predict the cliff sharp government spending cuts that will occur on Jan. if no balanced-budget deal is reached could disrupt economic growth.
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