Consumer Confidence Hits Three-Month High

Consumer confidence rose to a three-month high, the New York-based Conference Board reported Tuesday, as retail sales last week improved 2.3% from a year ago.

The index rose to a reading of 52.9 in December from a revised 50.6 in November, as job market pessimism eased and consumers’ expectations reached a two-year high.

The reading topped economists’ forecasts of a 52.5 reading, Reuters reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.

Separately, retail sales jumped 2.3% during Christmas week from the same week last year, a trade group said Tuesday.

The increase was cited by the International Council of Shopping Centers, Bloomberg reported.