US consumer confidence rebounds
ReutersConsumer confidence picked up much more strongly than expected in February as Americans shrugged off worries over fiscal policy and tax increases, a private sector report showed on Tuesday.
February 27, 2013, 12:08 am TWN
The Conference Board, an industry group, said its index of consumer attitudes accelerated to 69.6 from a downwardly revised 58.4 in January, handily topping economists' expectations for 61. It was the highest level since November.
January was originally reported as 58.6, which had been the lowest level in more than a year.
Consumers last month had been concerned over the impact of Washington's deal on the fiscal cliff at the beginning of the year. While the full brunt of tax increases and spending cuts that were scheduled to go into effect was averted, taxes did rise for some Americans and the payroll deduction holiday came to an end, leaving consumers with less spending money.