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Consumer confidence in January climbs to eight-month high
Washington, D.C. -- The Conference Board said Tuesday that its Consumer Confidence Index reached its highest level in eight months as Americans grew more optimistic about the job market.
The Index climbed to 60.6 this month, up from 53.3 in December. While that reading surpassed expectations, it still falls short of the 90 level that indicates a healthy consumer mindset.
The January figure was the highest since last May's 62.7, and hasn’t been above 90 since the recession began in December 2007.
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IBISWorld: Valentine's Day will drive retail sales
LOS ANGELES — IBISWorld predicted Valentine's Day will boost retail sales in a new report.
The independent market and research firm said that consumers are expected to spend 5.8% more on Valentine’s Day purchases this year than last year, totaling $18.6 billion, or about $125 per person.
Big gains will be seen across all categories. Jewelry is expected to see an 11.3% boost, greeting cards and candy are projected to grow 4.9% and 5.1%, respectively, and clothing and lingerie should see a 3.4% rise.