Thanks in part to higher stock prices and rising home values, consumer confidence rose in September to its highest level in nearly five years.
The University of Michigan's index of consumer sentiment rose to 78.3 in September from 74.3 in August. That's just below May's reading of 79.3, which was the highest level since January 2008.
Americans were also more optimistic about future jobs prospects, the survey found. And the number of consumers who expect the economy to keep growing is double the number of those who expect a decline.
The report echoes a survey released last week by the Conference Board that also found a jump in consumer confidence.
This rise in confidence, however, has yet to translate into a significant increase in spending. Adjusted for inflation, consumer spending barely grew in August according to the U.S. Department of Commerc