A strong job market and low gasoline prices helped boost U.S. consumer confidence again this month.
Figures released by the Conference Board on Tuesday said that its consumer confidence index rose to 98.1 in January from 96.3 in December, the second straight monthly gain. The business research group said Americans were more confident about the future, though their assessment of current economic conditions was unchanged from December.
Consumers shrugged off the recent sharp decline in the stock market and signs of economic weakness overseas.
The stock market has been rattled by the impact of China's persistent economic slowdown and a plunge in the prices of commodities, including oil.
From October through December, U.S. employers added a robust average of 284,000 jobs a month. The unemployment rate remained at a seven-year low 5% in December. The average price of a gallon of gasoline has reached $1.83 U.S. from $2.00 U.S. a month ago, sources said.
The Conference Board said 6.6% of survey respondents planned to buy a house in the next six months. That's the highest percentage since December 2013.
More than 72% expected interest rates to rise over the next year, the most since July 2006. The Federal Reserve last month raised the short-term rate it controls for the first time since 2006.
