Investing.com - U.S. consumer confidence unexpectedly jumped in September to more than a nine-year high, bolstering optimism over the health the U.S. economy, industry data showed on Tuesday.
In a report, the Conference Board, a market research group, said its index of consumer confidence unexpectedly increased to 104.1 this month from a reading of 101.8 in August, whose figure was revised from a previously reported 101.1.
That was its highest level since August 2007.
Analysts had expected the index to slip to 99.0 in September.
The Present Situation Index rose from 125.3 to 128.5, while the Expectations Index improved from 86.1 last month to 87.8.
“Consumer confidence increased in September for a second consecutive month and is now at its highest level since the recession,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
Franco pointed out that the improvement in the assessment of current conditions was due largely to a more positive view of the labor market.
“Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead,” she added.
Immediately following the report, which was released simultaneously with the Richmond manufacturing index, the dollar moved higher.
EUR/USD was trading at 1.1211 from around 1.1217 ahead of the release of the data, GBP/USD was at 1.2995 from 1.2978 earlier, while USD/JPY was at 100.37 from 100.38 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.45, compared to 95.41 ahead of the report.
Meanwhile, U.S. stock markets moved higher after the release. The Dow 30 rose 0.41%, the S&P 500 gained 0.32%, while the Nasdaq Composite added 0.58%.
Elsewhere, in the commodities market, gold futures traded at $1,331.45 a troy ounce, compared to $1,330.50 ahead of the data, while crude oil traded at $44.69 a barrel from $44.81 earlier.