(RTTNews) - Consumer confidence in the U.S. has improved by much more than anticipated in the month of December, according to a report released by the Conference Board on Wednesday.
The Conference Board said its consumer confidence index jumped to 110.7 in December from a downwardly revised 101.0 in November.
Economists had expected the consumer confidence index to rise to 103.4 from the 102.0 originally reported for the previous month.
Dana Peterson, Chief Economist at The Conference Board, said the surge by the headline index reflected "more positive ratings of current business conditions and job availability, as well as less pessimistic views of business, labor market, and personal income prospects over the next six months."
The report said the present situation index shot up to 148.5 in December from 136.5 in November, while the expectations index leapt to 85.6 in December from 77.4 in November.
"While December's renewed optimism was seen across all ages and household income levels, the gains were largest among householders aged 35-54 and households with income levels of $125,000 and above," Peterson said.
She added, "December's write-in responses revealed the top issue affecting consumers remains rising prices in general, while politics, interest rates, and global conflicts all saw downticks as top concerns."
On Friday, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of December.
The consumer sentiment index for December is currently expected to be unrevised from the preliminary reading of 69.4, which was up from 61.3 in November.
