New York -- Consumer confidence increased in January for the second consecutive month, rising to 80.7 from 77.5 in December, according to The Conference Board. Economists had expected a smaller increase, to 79. It was the second consecutive increase.
"Consumers’ assessment of the present situation continues to improve, with both business conditions and the job market rated more favorably. All in all, confidence appears to be back on track and rising expectations suggest the economy may pick up some momentum in the months ahead,” said Lynn Franco, director of economic indicators for the Confidence Board.
Consumers' view of current conditions improved, with 21.5% saying business conditions were good compared with 20.2% in December. Those who said jobs were plentiful rose to 12.7% from 11.9% last month.
Expectations for the next six months also brightened, with 12.1% anticipating conditions to worsen. That was down from 13.9% last month. And consumers were more upbeat about their income — 15.8% expect it to rise compared with 13.9% last month.