US consumer confidence hits three-year high in February

THE US Consumer Confidence Index (CCI) exceeded expectations in February to increase two per cent month to month to 70.4 points, a three-year high buoyed by increasing optimism.


New York-based Conference Board, an economic research firm, revised its yearly forecast made in January of 87.3 up to 95.1 helped by consumers "growing optimism about the short-term future," said Lynn Franco, director its Consumer Research Centre.


"Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions," said Ms Franco, according to from Newark's Journal of Commerce, which also noted that US consumer spending accounts for two thirds of American economic activity.


Despite weak job growth consumers are more confident of the economy for the short-term so spending is up.
(Source:http://www.schednet.com)