WASHINGTON (FNS) -- Consumer confidence surged in December, gaining more than six points to set another 28-year record as shoppers reacted warmly to continuing high employment.
According to figures released this month by the Conference Board in New York, the Consumer Confidence Index rose 6.4 points against November to 134.5 in December. December's hike, which followed a 4.7-point increase in November, more than erased October's 6.8-point dip against September. December's record-setting result also marked the second time the index cracked the 130 mark this year.
Lynn Franco, associate director of the Conference Board's Consumer Research Center, credited December's rise to a significant pickup in short-term consumer optimism.
The Present Situation Index, one of two components of the overall measure, rose to 161.7 in December from 156.8 in November, another 28-year record. Meanwhile, the other confidence component, the Expectations Index, which measures optimism for the next six months, rose to 116.4 in December from 108.9 in November, making it the year's highest reading.