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Consumer confidence in the U.S. improved greatly this month, reaching the highest level since last August, according to The Conference Board, a private research group.
“The latest gains are striking, this new boom in confidence should translate into increased consumer spending and stronger economic growth ahead,” said Lynn Franco, director of the Conference Board’s Consumer Research Center.
“Consumers’ confidence has been bolstered by the improvement in business and labor market conditions,” Franco added.
However, some economists quoted by CNNFN.COM said the Conference Board’s data is “notoriously volatile and doesn’t always predict how consumers will behave.”
As Anthony Chan, chief economist at Banc One Investment Advisors, said, the economy appears to be “turning the corner, but not running around the corner.”