US consumer confidence hits year's high

US consumer confidence brightened in October to the highest level of the year, the Conference Board said Thursday in its monthly survey.

The consumer confidence index rose to 72.2 in October, up from a revised 68.4 in September.

The new read was slightly better than analysts’ average estimate of 72.0.

The bump-up in consumer confidence suggests that consumer spending could improve just ahead of the critical year-end holiday shopping season, which retailers count on for about 40 percent of their annual sales.

“Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver,” said Lynn Franco, director of economic indicators at the Conference Board.

“Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season.”