US consumer confidence beats expectations in December

The US Conference Board’s consumer confidence index rose to 96.5 in December from 92.6 the previous month, comfortably beating economists’ expectations for a reading of 93.6.

The Present Situation Index increased to 115.3 from 110.9 in November, while the Expectations Index improved to 83.9 from 80.4.

“Consumer confidence improved in December, following a moderate decrease in November,” said Lynn Franco, director of economic indicators at the Conference Board.

“As 2015 draws to a close, consumers’ assessment of the current state of the economy remains positive, particularly their assessment of the job market. Looking ahead to 2016, consumers are expecting little change in both business conditions and the labour market. Expectations regarding their financial outlook are mixed, but the optimists continue to outweigh the pessimists.”