According to figures from the New York-based Conference Board, US consumer confidence surged to its highest level since October 2000.
The Conference Board said its consumer confidence index jumped to 133.4 in August, up from analysts’ forecasts for a rise to 126.7.
Consumers’ assessment of current business conditions improved to 172.2 in August from 166.1 in the previous month. Meanwhile, the expectations index rebounded to 107.6 from 102.4 in the month earlier.
The index reflects consumers' attitude toward current economic situation. It is important indicator of consumer spending, which accounts for about 70 percent of US economic activity.
“These historically high confidence levels should continue to support healthy consumer spending in the near term,” said Lynn Franco, director of economic indicators at the Conference Board.
