US con­sumer con­fi­dence rises again in Sept.

The China Post - - WORLD BUSINESS -

Amer­i­can con­sumers were feel­ing more con­fi­dent again this month, good news for the U.S. econ­omy.

The Con­fer­ence Board, a busi­ness re­search group, said Tues­day that its con­sumer con­fi­dence in­dex rose again to 103 in Septem­ber af­ter surg­ing in Au­gust to 101.3. The Septem­ber read­ing was the high­est since Jan­uary. Econ­o­mists had ex­pected the in­dex to fall this month.

Con­sumers’ as­sess­ment of present eco­nomic con­di­tions hit the high­est level in eight years. More than 25 per­cent of Amer­i­cans said jobs were plen­ti­ful, high­est share since Septem­ber 2007.

Ex­pec­ta­tions for the fu­ture fell slightly. Com­pared to Au­gust, how­ever, a big­ger share of Amer­i­cans said they were plan­ning to buy cars and homes over the next six months.

The U.S. econ­omy is look­ing healthy. Eco­nomic growth came in at a 3.9 per­cent an­nual rate from April through June, and un­em­ploy­ment has dropped to a seven-year low 5.1 per­cent.

But wor­ries about an eco­nomic slow­down in China and other emerg­ing mar­kets have rat­tled fi­nan­cial mar­kets.

“The sur­pris­ing im­prove­ment in con­fi­dence sug­gests that the re­cent in­ter­na­tional tur­bu­lence has had lit­tle im­pact on con­sumers’ do­mes­tic con­fi­dence,” economist Brick­lin Dwyer of BNP Paribas wrote in a re­search note. “We ex­pect con­sump­tion to con­tinue to ex­pand at a solid pace through­out the end of 2015.”

Con­sumer spend­ing ac­counts for about 70 per­cent of U.S. eco­nomic ac­tiv­ity.

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