Consumer confidence in the U.S. has seen a substantial improvement in the month of January, according to a report released by the Conference Board on Tuesday, with the consumer confidence index jumping to its highest level in over seven years.
The Conference Board said its consumer confidence index surged up to 102.9 in January from an upwardly revised 93.1 in December. Economists had expected the index to climb to 96.0 from the 92.6 originally reported for the previous month.
The much bigger than expected increase lifted the index to its highest level since reaching 105.6 in August of 2007. Click here to read more.