Consumer sentiment in U.S. rises to highest level in 14 months

American consumer confidence rose to the highest level in more than a year in September, as households views on the outlook for the economy brightened.

By Victoria Stilwell, Bloomberg | Updated on September 12, 2014

Sept. 12 (Bloomberg) — American consumer confidence rose to the highest level in more than a year in September, as households’ views on the outlook for the economy brightened.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 84.6, the highest reading since July 2013, from 82.5 the month before. The median estimate in a Bloomberg survey of 65 economists projected an increase to 83.3.

Continued progress in the labor market, gains in stock portfolios and a decline in gasoline prices have buoyed household confidence in recent months. Improving outlooks may mean Americans feel more comfortable about boosting their spending, which accounts for 70 percent of the economy.

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