US consumer confidence rises in October to 17-year high

WASHINGTON — American consumers are the most confident they’ve been in nearly 17 years.

The Conference Board says its consumer confidence index hit 125.9 in October, up from a revised 120.6 in September and the highest reading since December 2000.

The index measures consumers’ assessment of current conditions and their outlook for the next six months. Both rose in October.

A healthy job market contributed to the sunny mood. Unemployment is at a 16-year low 4.2 per cent.

Economists monitor confidence because consumer spending accounts for about 70 per cent of U.S. economic output. The economy grew at a healthy 3 per cent annual pace from July through September.

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The October confidence readings “suggest the economy will continue expanding at a solid pace for the remainder of the year,” Conference Board economist Lynn Franco says.

Paul Wiseman, The Associated Press