Consumer confidence in the U.S. grew more than expected in January as the outlook around the labor market improved, data released Tuesday by The Conference Board showed.
The Board’s consumer confidence index rose to 131.6 this month from 126.5 in December. Economists polled by Dow Jones expected consumer confidence to rise to 128.
Lynn Franco, senior director of economic indicators at The Conference Board said consumers felt more confident about their job prospects moving forward, lifting the overall index. “Optimism about the labor market should continue to support confidence in the short-term and, as a result, consumers will continue driving growth and prevent the economy from slowing in early 2020,” Franco said in a statement.
The data released showed 49% of consumers think U.S. jobs are “plentiful,” up from 46.5%. Those saying jobs are “hard to get” decreased to 11.6% from 13%.
U.S. stocks ticked higher following the data’s release, with the Dow Jones Industrial Average trading around its session high.