"Consumers are more optimistic that business conditions, employment prospects and their financial situations will get better"
- Conference Board Inc.
U.S. consumer confidence rose to an eight month high in December as consumers became more optimistic on the outlook of the country's economy, the Conference Board Inc. said on Tuesday. An index of sentiment increased to 64.5 from 55.2 in November.
"A large part of the problem in the economy is one of confidence, and to the extent that sentiment begins improving it would be a positive for growth," said Dana Saporta, director of U.S. economic research at Credit Suisse in New York. "Whether this will be sustained really depends on the employment situation going forward."
"While consumers are ending the year in a somewhat more upbeat mood, it is too soon to tell if this is a rebound from earlier declines or a sustainable shift in attitudes," said the Conference Board in a statement.
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