Consumer Confidence Hits 15-Month High

Consumer confidence rose this month to its highest level since September 2008, the New York-based Conference Board reported.

The index rose to a reading of 55.9 in January from a revised 53.6 in December. The reading topped economists’ forecasts of a 53.5 reading, Reuters reported.

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