U.S. Consumer confidence rebounded in December after weakening slightly in November.
The Conference Board Consumer Confidence Index now stands at 92.6, up from 91.0 last month. The index reached a seven-year high of 94.5 in October.
"Consumer confidence rebounded modestly in December, propelled by a considerably more favorable assessment of current economic and labor market conditions," said Lynn Franco, Director of Economic Indicators at The Conference Board. "As a result, the Present Situation Index is now at its highest level since February 2008 (Index, 104.0). Consumers were moderately less optimistic about the short-term outlook in December, but even so, they are more confident at year-end than they were at the beginning of the year."
Consumers' appraisal of current conditions was considerably more favorable in December. Those saying business conditions are "good" was unchanged at 24.8 percent, while those claiming business conditions are "bad" decreased from 21.8 percent to 19.6 percent.
Consumers were also more positive in their assessment of the job market, with the proportion stating jobs are "plentiful" increasing from 16.2 percent to 17.1 percent, and those claiming jobs are "hard to get" decreasing from 28.7 percent to 27.7 percent.
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch.