"Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months"
- Franco, director of The Conference Board Consumer Research Center
Confidence among U.S. consumers rose more than expected in September, reaching seven-month high, the Conference Board said on Tuesday. A gauge of consumer confidence rocketed to 70.1 this month, up from 61.3 in the prior month. Leading indicator, which measures overall economic activity, was expected to rise to 63.1.
"We can expect a slow and steady increase in confidence," Russell Price, senior economist at Ameriprise Financial Inc. in Detroit, said before the report.
"Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months," said Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.
The Standard & Poor's 500 fell 1.05 per cent to 1,441.59. The Dow Jones Industrial Average erased 0.75 per cent to 13,457.55. The Nasdaq Composite retreated 1.36 per cent to 3,117.73.
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