"Consumers are considerably less pessimistic about current business and labor market conditions than they were in January"
- Lynn Franco, director of The Conference Board Consumer Research Center
U.S. consumer confidence rose to one year high in February as consumers became more optimistic on the outlook of the country's economy, the Conference Board Inc. said on Tuesday. An index of sentiment advanced to 70.8 points from 61.5 points in January.
"Consumers are considerably less pessimistic about current business and labor market conditions than they were in January," said Lynn Franco, director of The Conference Board Consumer Research Center.
"And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation."
In a separate report, the Commerce Department said durable goods orders fell by the most in three years in January. Orders for U.S. manufactured goods tumbled 4 per cent from December, heightening concern over the strength of the economic recovery.
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