NEW YORK (Reuters) - U.S. consumer confidence rose dramatically in February of last month to its highest level in a year, a private research group said on Tuesday. The index is closely watched because consumer confidence makes the majority of the U.S. economy, and the message reflects a better attitude about the economy - good news for President Barack Obama as he seeks re-election this year.
The Conference Board Consumer Confidence Index now stands at 70.8 to 61.5 from a revised in January to improve the consumers' assessment of the labor market contribution. Analysts had expected a reading of 63. The February reading marks the highest level since February 2011, when it was 72.0.
The message was to restore confidence on Wall Street, it helps, the last of the earth they kept calling back before plunging into the depths of the Great Recession. The Dow Jones Industrial Average closed more than 13,000 on Tuesday for the first time since the 19th May 2008, four months before the fall of investment bank Lehman Brothers and the worst of the financial crisis.
The confidence index is still well below the 90, which is a healthy economy. But it's closer to levels that provide a stable economy. The index has risen gradually since hitting an all-time low of 25.3 in February of 2009. And in the last 12 months, they will jump from the high 60s to low 40s because of the continued concerns about the health of the U.S. economy.
"Consumers are much less pessimistic about current business and labor market conditions, that they were in January," Lynn Franco, director of the Conference Board Consumer Research Center said in a statement. "Despite further increases in gas prices, they are optimistic about the near-term outlook for the economy, job prospects and their financial situation."
According to the survey of consumers, from 1 February to 15 Conducted in February, buyers are optimistic about the labor market. Those anticipating more jobs in the coming months rose to 18.7 percent from 16.4 percent, while anticipating fewer jobs fell by 16.9 percent from 19.1 percent.
There are reasons for optimism. The government says that 243 000 jobs were added in January, pushing down the unemployment rate to 8.3 percent, the lowest in three years. Unemployment has fallen for five consecutive months for the first time since 1994. Job figures for February are due next week.
But there are also reasons for caution. The European debt crisis threatens to harm the U.S. economy. And rising gasoline prices, the costs could range from the middle and lower income buyers limit. The average U.S. price for a liter of gasoline by 18 cents to $ 3.69 two weeks earlier, according to the Lundberg Survey released Sunday of fuel prices.
The index fell to a historical low of 25.3 in February 2009. Over the past 12 months, it has to go back and forth from the high 60s to low 40s on continued worries about the economy.
In fact, confidence fell in October to 40.9, the lowest level since March 2009, during the thick of the recession.
The Conference Board Consumer Confidence Index now stands at 70.8 to 61.5 from a revised in January to improve the consumers' assessment of the labor market contribution. Analysts had expected a reading of 63. The February reading marks the highest level since February 2011, when it was 72.0.
The message was to restore confidence on Wall Street, it helps, the last of the earth they kept calling back before plunging into the depths of the Great Recession. The Dow Jones Industrial Average closed more than 13,000 on Tuesday for the first time since the 19th May 2008, four months before the fall of investment bank Lehman Brothers and the worst of the financial crisis.
The confidence index is still well below the 90, which is a healthy economy. But it's closer to levels that provide a stable economy. The index has risen gradually since hitting an all-time low of 25.3 in February of 2009. And in the last 12 months, they will jump from the high 60s to low 40s because of the continued concerns about the health of the U.S. economy.
"Consumers are much less pessimistic about current business and labor market conditions, that they were in January," Lynn Franco, director of the Conference Board Consumer Research Center said in a statement. "Despite further increases in gas prices, they are optimistic about the near-term outlook for the economy, job prospects and their financial situation."
According to the survey of consumers, from 1 February to 15 Conducted in February, buyers are optimistic about the labor market. Those anticipating more jobs in the coming months rose to 18.7 percent from 16.4 percent, while anticipating fewer jobs fell by 16.9 percent from 19.1 percent.
There are reasons for optimism. The government says that 243 000 jobs were added in January, pushing down the unemployment rate to 8.3 percent, the lowest in three years. Unemployment has fallen for five consecutive months for the first time since 1994. Job figures for February are due next week.
But there are also reasons for caution. The European debt crisis threatens to harm the U.S. economy. And rising gasoline prices, the costs could range from the middle and lower income buyers limit. The average U.S. price for a liter of gasoline by 18 cents to $ 3.69 two weeks earlier, according to the Lundberg Survey released Sunday of fuel prices.
The index fell to a historical low of 25.3 in February 2009. Over the past 12 months, it has to go back and forth from the high 60s to low 40s on continued worries about the economy.
In fact, confidence fell in October to 40.9, the lowest level since March 2009, during the thick of the recession.
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