KTAR
WASHINGTON (AP) — U.S. consumer confidence rebounded strongly in October, hitting a seven-year high as solid job gains raised expectations for economic growth.
The Conference Board said Tuesday that its confidence index climbed to 94.5, the strongest reading since October 2007 and the start of the Great Recession a few months later. This month’s gains reversed a revised decline to 89 in September from 93.4 in August.
Job gains and falling gasoline prices have helped to improve sentiment, despite muted economic growth in Europe and China that has fueled volatility in financial markets.
Consumer confidence has been trending higher from lows during the worst downturn since the 1930s. However, confidence still lags pre-recession highs more than five years into the recovery.
