Investing.com – U.S. consumer confidence increased significantly more-than-expected in January, rising to the highest level since May 2010, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 60.6 in January, compared to a reading of 53.3 in December, whose figure was revised up from 52.5.
Analysts had expected the index to rise to 53.5 in January.
The report also showed that the CB index of consumer expectations rose to 80.3 in January, compared to 72.3 in December.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers have begun the year in better spirits. As a result, the Index is now near levels not seen since last spring.”
She added, “Consumers rated business and labor market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.22% to hit 1.3607.
Meanwhile, U.S. stock markets were down: the Dow Jones Industrial Average slumped 0.20%; the S&P 500 index fell 0.19%, while the Nasdaq Composite index was down 0.35%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 60.6 in January, compared to a reading of 53.3 in December, whose figure was revised up from 52.5.
Analysts had expected the index to rise to 53.5 in January.
The report also showed that the CB index of consumer expectations rose to 80.3 in January, compared to 72.3 in December.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers have begun the year in better spirits. As a result, the Index is now near levels not seen since last spring.”
She added, “Consumers rated business and labor market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.22% to hit 1.3607.
Meanwhile, U.S. stock markets were down: the Dow Jones Industrial Average slumped 0.20%; the S&P 500 index fell 0.19%, while the Nasdaq Composite index was down 0.35%.