The Conference Board's consumer-confidence index defied analyst expectations for September, reaching a figure that hasn't been seen since 2007, reported The Wall Street Journal.
The index jumped from 101.8 in August to 104.1 in September, the highest level its been since the start of the financial crisis in August 2007, the New York City-based research group said on Tuesday. Economists expected September's index to fall to 99.1, according to the report.
"Consumers' assessment of present-day conditions improved, primarily the result of a more positive view of the labor market," said Lynn Franco, director of economic indicators for New York City-based Conference Board. "Looking ahead, consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects."
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