U.S. Consumer Confidence Rises To 16-Month High; Americans still cautious about near-term... [View All]

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By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) - A little more optimism about the current economic climate sent the U.S. consumer confidence index to a 16-month high in January, according to a survey released Tuesday by the Conference Board.

The consumer confidence index rose to 55.9 in January from an upwardly revised 53.6 in December. It's the highest reading since September 2008, when the financial crisis intensified. It was the third straight increase.

The index came in better than expected by economists surveyed by MarketWatch, who were looking for an increase to 53.5 from the previously reported December level of 52.9. Read our complete economic calendar and consensus forecast.

Still, consumer confidence remains very weak, far below the average level of 95. The index has been in a narrow range between 46 and 56 since May. It bottomed at a record-low 25.3 last February. Read the full report on the Conference Board website.

The improvement in January was due mainly to better feelings about the present situation. Consumer expectations also improved. Assessments of the labor market improved marginally.

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