Consumer confidence jumps to eight-month high as recession worries fade
The numbers: A survey of consumer confidence jumped to an eight-month high of 108.3 in December, reflecting fewer worries about inflation and more optimism about jobs and the economy.
The closely followed index rose 6.9 points — the first increase in three months — from 101.4 in November, the nonprofit Conference Board said Wednesday.Key details: A measure of how consumers feel about the economy right now leaped to 147.2 in December from 138.3 in the prior month. That’s the highest level since early summer.
The decline in inflation expectations is sure to hearten senior officials at the Federal Reserve, who worry high inflation could become entrenched in the economy.A similar confidence gauge that looks ahead six months advanced to 82.4 from 76.7 and hit an 11-month high, though it’s still depressed historically.
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