Consumer confidence in the US rebounds, yet remains historically low

Consumer confidence is up in the United States according to new survey data.

The Conference Board, an industry group, said that the index of consumer sentiment increased to 70.3 from 61.3 in August – the biggest bounce since February.

Economists had been anticipating a far more modest jump to 65.0, said the Wall Street Journal.

The New York Times reported that consumers had a more optimistic view in the current and short-term outlook for the labor market.

They also had a more optimistic view of their income prospects in the short-term.

Few of those surveyed expected inflation to rise in the next 12 months.

Analysts are cautiously optimistic about the news.

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"We have seen bounces in confidence as well as overall growth before in what has been an up-and-down recovery over the past three-plus years, with growth losing momentum again before long," said Jim O’Sullivan, chief U.S. economist at High Frequency Economics, reported the Wall Street Journal.

"That pattern could be repeated. Still, from a near-term perspective at least, the bounce in confidence could set the tone for a variety of other September data."

Stocks increased at the news of the release.

A separate report released Tuesday showed that home values also increased in the United States.

The New York Times reported that the country's least expensive homes were behind the 1.2 percent rise in prices.