Posted January 27, 2016

Jobs and housing boost consumer confidence in January

Consumer confidence rises despite stock market downturn.

U.S. consumer confidence improved in January despite a stock market rout and house prices accelerated in November, suggesting underlying strength in the economy despite a sharp growth slowdown in recent months.

There are, however, signs the malaise from manufacturing and export-oriented industries is starting to filter into the services sector, with data on Tuesday showing activity in that vast sector hit a one-year low in January.

The Conference Board said its consumer confidence index rose to 98.1 this month from 96.3 in December as households shrugged off January's stock market sell-off and focused instead on a strengthening labor market.

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Source: Reuters