Consumer Confidence Rises in October
Published at | Updated at(WASHINGTON) — Consumer confidence in the economy jumped in October to the highest level in nearly five years. The Conference Board says Americans were encouraged by a growing job market.
“They may not see lots of openings available, but the fact that they’re no longer worried about losing their jobs is really adding to confidence,” said economist Joel Naroff. “And as a result of that they’re beginning to spend, they’re beginning to really move this economy into the next stage.”
The news helped spur a rise in stocks in late-morning trading. Markets opened higher after a series of encouraging reports including strong sales from automakers and retailers.
“Despite the fact that their incomes aren’t growing rapidly, [consumers] have given up an awful lot over the last four or five years,” Naroff said. “They’ve been very, very cautious, and now that that confidence is there, they’re willing to open up their wallets a little bit more.”
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