Consumer Confidence Index jumps nine points in September

Casual Living Staff -- Casual Living, 9/26/2012 1:39:47 PM

NEW YORK — Consumer confidence rebounded in September as the widely watched Consumer Confidence Index increased to 70.3.

The September reading was the highest since February, when it hit 71.6, and was nine points ahead of the August reading of 61.3 (1985=100).

"Consumers were more positive in their assessment of current conditions, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation," said Lynn Franco, director of economic indicators at The Conference Board, which publishes the monthly index.

The Conference Board said the latest survey also showed an improvement in consumers' appraisal of current conditions.

Those claiming business conditions are "good" edged up to 15.5% from 15.3% in August, while those describing business conditions as "bad" declined to 33.3% from 34.3%.

The survey also showed that consumers' assessment of the labor market was more upbeat. Those describing jobs as "plentiful" rose to 8.3% from 7.2% in August, while those claiming jobs are "hard to get" slipped to 39.9% from 40.6%.

Those expecting business conditions to improve over the next six months increased to 18.2% from 16.7% in August, while those predicting business conditions will get worse fell to 13.8% from 17.6%.