US consumer confidence index hits five-and-a-half year high
The U.S. Consumer Confidence Index (CCI) hit a five-and-a-half year high in February, said a private research company on Tuesday.
The CCI stands at 112.5, up from 110.2 in January, said the Conference Board in its monthly report.
"Consumer confidence now stands at a five-and-a-half year high, as improving present-day business conditions and an easing in the proportion of consumers claiming jobs are hard to get have combined to lift consumers' spirits," said Lynn Franco, director of the Conference Board Consumer Research Center.
"Looking ahead six months, consumers' outlook was little changed from last month. All in all, it appears that the pace of economic growth exhibited in the final months of 2006 has carried over into early 2007 and may have even gained a little momentum," he added.
Consumers' assessment of present conditions improved further in February. Those claiming conditions are "good" increased to 29.4 percent from 28.0 percent. Those saying conditions are "bad" declined to 14.3 percent from 16.2 percent.
Labor market conditions were somewhat mixed. Consumers saying jobs are "hard to get" declined to 17.5 percent from 19.7 percent. This series now stands at a five-and-a-half year low. Those claiming jobs are "plentiful," however, decreased to 27.7 percent from 29.6 percent in January.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.
The monthly survey is conducted for The Conference Board by TNS, the world's largest custom research company.
Source: ajc.com
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