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The Conference Board’s U.S. consumer confidence index rose in February after three months of decline. The index now stands at a reading of 69.6 (1985=100), up from 58.4 in January.
“Consumer Confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of current business and labor market conditions is more positive than last month. Looking ahead, consumers are cautiously optimistic about the outlook for business and labor market conditions. Income expectations, which had turned rather negative last month, have improved modestly.”
The number of consumers anticipating more jobs in the months ahead rose to 16.7 percent in February from 14.4 percent in January, according to the index’s survey. Those expecting fewer jobs decreased to 21.5 percent from 26.7 percent.