US consumer confidence jumps higher in September

A widely-followed gauge of the state of US consumer spirits surprised sharply to the upside.

The Conference Board's consumer confidence index rebounded from two consecutive monthly falls in September, rising from August's reading of 86.3 to 101.8.

What's more, the biggest improvement was seen in a sub-index of consumer expectations, which jumped from 86.6 to 104.0.

The other main sub-index, which tracks American's views on current business and labour market conditions, meanwhile rose from 85.8 to 98.5.

Nonetheless, Lynn Franco, the Conference Board's Senior Director of Economic Indicators, emphasised how even after September's "sharp" increase, consumer confidence remained below the levels seen prior to the pandemic.

"A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month's rebound in confidence," she said.

"Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead."