Consumer Confidence Highest in 5 Months [View All]

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http://story.news.yahoo.com/news?tmpl=story&ncid=&e=6&u=/ap/20041228/ap_on_bi_ge/economy

Consumer confidence jumped in December, reversing four months of declines and reaching the highest level since July, a private research group reported Tuesday.

Conference Board (news - web sites), a New York based business information group, reported that its index of consumer confidence leapt by nearly 10 points, a significant move, to 102.3 in December from 92.6 in November. It was the highest level for the indicator since its reading of 105.7 in July.

The upbeat reading ends the year on a high note and bodes well for consumer spending going into 2005. The indicator of consumer confidence is widely watched by economists since spending by individuals makes up about two-thirds of all economic activity in the United States.