Investing.com - U.S. consumer confidence rose to the highest level since February 2008 in October, industry data showed on Thursday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 72.2 in October from a reading of 68.4 in September, whose figure was revised down from 70.3.
Analysts had expected the index to rise to 72.5 in October.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver.”
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD adding 0.08% to trade at 1.2970.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 1%, the S&P 500 index gained 0.75%, while the Nasdaq Composite index advanced 1.05%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 72.2 in October from a reading of 68.4 in September, whose figure was revised down from 70.3.
Analysts had expected the index to rise to 72.5 in October.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver.”
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD adding 0.08% to trade at 1.2970.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 1%, the S&P 500 index gained 0.75%, while the Nasdaq Composite index advanced 1.05%.