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Consumer Confidence Rises to Seven-Year High

Considering all the concern and uncertainty recently with the Ebola outbreak and the war against ISIS, you might conclude that consumers would be less confident...
October 22, 2014

Considering all the concern and uncertainty recently with the Ebola outbreak and the war against ISIS, you might conclude that consumers would be less confident. You would be wrong.

Consumer confidence in the U.S. unexpectedly rose in October to the highest level in seven years, showing a brightening in Americans' moods as gas prices drop and the labor market gains traction. The Thomson Reuters/University of Michigan preliminary sentiment index for this month increased to 86.4, the strongest since July 2007, from a final reading of 84.6 in September.

Job gains on pace for their strongest year since 1999 and cheaper gas prices are keeping households upbeat about economic expansion amid the weakening in Europe and emerging nations. Faster wage increases and more broad-based improvement in the labor market would help further spur the consumer spending that makes up about 70 percent of the economy.

Consumer Sentiment Increases to Seven-Year High (Bloomberg 10/17/14)

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