NEW YORK, Jan. 31 (UPI) -- U.S. consumer confidence this month rose to its highest level in more than three years, an industry group said Tuesday.
The New York-based Conference Board's January index of consumer confidence, taken from a survey of 5,000 residences between Jan. 1 and Jan. 24, was up to 106.3, better than the 104.9 economists had expected. The January level compares with December's 103.8.
"Consumer Confidence is now at its highest level in more than three years," says Lynn Franco, director of the board's consumer research center.
"This month's increase was driven solely by consumers' assessment of current economic conditions, especially their more positive view of the job market. But while consumers rate current conditions more favorably than they have in more than four years, the improvement has not translated into greater optimism about the near-term future. In fact, the gap between consumers' assessment of current conditions and their expectations remains wide."
Consumers' outlook for the next six months was somewhat more subdued in January than in December. Those expecting business conditions to worsen increased to 10.5 percent from 9.1 percent, while those expecting business conditions to improve declined to 17.7 percent from 18.4 percent.
