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U.S. CB consumer confidence rises to 7-year high in October

Economic IndicatorsOct 28, 2014 10:03AM ET
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U.S. CB consumer confidence rises more than expected in October

Investing.com - U.S. consumer confidence improved to the highest level in seven years in October, fuelling optimism over the health of the economy, industry data showed on Tuesday.

In a report, the Conference Board, a market research group said its index of consumer confidence rose to 94.5 this month from a reading of 89.0 in September, whose figure was revised up from a previously reported 86.0.

Analysts expected the index to fall to 87.0 in October.

The Present Situation Index edged up from 93.0 to 93.7, while the Expectations Index increased sharply to 95.0 from 86.4 in September.

Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “A more favorable assessment of the current job market and business conditions contributed to the improvement in consumers’ view of the present situation."

EUR/USD was trading at 1.2725 from around 1.2743 ahead of the release of the data, while GBP/USD was at 1.6156 from 1.6172 earlier.

Meanwhile, U.S. stock markets were higher after the open. The Dow advanced 0.4%, the S&P 500 tacked on 0.5%, while the Nasdaq 100 rose 0.8%.

Elsewhere, in the commodities market, gold futures traded at $1,228.70 a troy ounce, compared to $1,229.80 ahead of the data, while crude oil traded at $80.59 a barrel from $80.82 earlier.

U.S. CB consumer confidence rises to 7-year high in October
 

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