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| Official photographic portrait of US President Barack Obama (born 4 August 1961; assumed office 20 January 2009) (Photo credit: Wikipedia) |
A new survey of consumer confidence rose Tuesday to its highest level since February on expectations that hiring will soon pick up. And a separate report showed home values rising steadily, signaling sustained improvement in housing.
"This is like an opinion poll on the economy without the political parties attached," said John Ryding, chief economist at RDQ Economics, a consulting firm. The confidence survey "says people are feeling better. If so, they are less likely to vote for change."
The Conference Board's index of consumer confidence shot up in September. The jump surprised many economists because the most recent hiring and retail sales figures have been sluggish.
The increased confidence could help explain recent polls that show Obama with a widening lead over Mitt Romney in some battleground states.
The consumer confidence index is closely watched because consumer spending drives nearly 70 percent of economic activity. The index jumped from 61.3 for August to 70.3 for September. It remains well below 90, the level that is thought to signify a healthy economy.
Among those feeling more optimistic about the economy is Darlene Johnson of Silver Spring, Md., who works for the National Institutes of Health. The value of Johnson's 401(k) account has risen. Home sales in her neighborhood have ticked up, too, and are commanding higher prices.
"I feel like things are stabilizing," she said. "I don't feel as uneasy as I did a few months ago."
But Johnson, who voted for Obama in 2008, remains undecided on which candidate to back. And she's still a bit nervous about the future.
"It will depend on how my pockets are looking," she says. "Everyday circumstances will drive my decision on how I am going to vote." ... Continue to read.
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