New figures show that US consumer confidence edged higher in September for the third consecutive month, led by hopes for better economic times in the coming months.
Business research firm the Conference Board said its consumer confidence index rose to 59.8 from 58.5 in August. Analysts had expected the index to fall.
The index dropped in the first six months of the year to 51 in June before rising modestly in the following three months.
The Conference Board's research director, Lynn Franco, said the September increase was due 'solely' to an improvement in the short-term outlook but warned that the preliminary data did not reflect fully the current financial turmoil.
According to the September survey, consumers' view of the present situation decreased to 58.8 from 65 last month. But the forward-looking expectations index increased to 60.5 from 54.1 in August.
Home prices in 20 major US cities plunged a record 16.3% in July from a year ago, according to a Standard & Poor's/Case-Shiller survey released today. The index for the 20 metropolitan areas fell 0.9% for the month of July, in the 19th consecutive monthly drop.
