The United States reported consumer confidence figures for January. US consumer confidence jumped to 98.1 in January, higher than December’s 96.5. The 98.5 figure also topped economist’s predictions of a stagnant 96.5 from December.
A healthy employment market and lower energy costs coupled with increased consumer spending created an environment of confidence for Americans. In many US states, gas prices are well below $2, with states like New Jersey selling gas for around $1.60 per gallon.
Even though Chinese data sent ripples through global markets earlier in the year, including the US, consumers are still expressing optimism about the economy despite the volatility.