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Consumer confidence climbed more than expected in September, according to the Conference Board.
The Board’s index came in at 103. It’s the second-highest reading in at least four years.
Economists had estimated an index print of 97.5, down from 101.5 in August.
The data for the index was put together before the stock market sell off in August, according to Bloomberg.
Lynn Franco, director of economic indicators at the Conference Board, said that optimism about current conditions fueled the increase in the index. The Present Situation Index rose to an eight-year high.
“Consumer spending remains an upside risk,” wrote Neil Dutta at Renaissance macro in a note. “For most, an improving employment backdrop coupled with declining gasoline prices offsets the sell off in the stock market. Unlike its University of Michigan [consumer sentiment index] brethren, the Conference Board index is more sensitive to employment not financial markets.”
Optimism about the short-term outlook was flat, and consumers did not expect faster forthcoming growth.
The labor market picture was mixed: Those who said jobs were “plentiful” rose to 25.1% from 22.1%, an eight-year high. Those saying they were “hard to get” rose to 24.3% from 21.7%.