Consumer self-reliance in the U.S. grew more than expected in January as the outlook around the labor market improved, data released Tuesday by The Congress Board showed.
The Board’s consumer confidence index rose to 131.6 this month from 126.5 in December. Economists asked by Dow Jones expected consumer confidence to rise to 128.
Lynn Franco, senior director of economic indicators at The Conference Food said consumers felt more confident about their job prospects moving forward, lifting the overall key. “Optimism about the labor market should continue to support confidence in the short-term and, as a result, consumers will maintain driving growth and prevent the economy from slowing in early 2020,” Franco said in a statement.
The data turn loosed showed 49% of consumers think U.S. jobs are “plentiful,” up from 46.5%. Those saying jobs are “hard to get” waned to 11.6% from 13%.
U.S. stocks ticked higher following the data’s release, with the Dow Jones Industrial Average swop around its session high.
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