Consumer confidence climbs in January

The Conference Board Consumer Confidence Index, which had dipped in December, increased in January. The Index now stands at 60.6 (1985=100), up from 53.3 in December. The Present Situation Index improved to 31.0 from 24.9. The Expectations Index increased to 80.3 from 72.3 last month.

“Consumers have begun the year in better spirits. As a result, the Index is now near levels not seen since last spring," when the  May 2010 Index was  62.7, said Lynn Franco, director of The Conference Board Consumer Research Center, in a prepared statement. "Consumers rated business and labor market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead. Income expectations are also more positive. Although pessimists still outnumber optimists, the gap has narrowed.”

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS.