US consumer confidence rebounds in December

Associated Press/Matt Ott

Updated: Dec 21, 2022 / 09:39 AM CST

FILE – Signs advertise deals and low prices at a Walmart in Secaucus, N.J., Tuesday, Nov. 22, 2022. On Tuesday the Conference Board reports on U.S. consumer confidence for November. (AP Photo/Seth Wenig, File)

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WASHINGTON (AP) — The American consumer’s confidence rebounded this month, even as the Fed raises interest rates, making borrowing more expensive, and many economists fear an oncoming recession.

The Conference Board reported Wednesday that its consumer confidence index rose to 108.3 in December, up from 101.4 in November. This month’s number reflected a sharp rebound, pushing the index to its highest level since April. November’s figure was the lowest since July.

The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — also rose, to 147.2 this month from 138.3 in November.

The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions — rose to 82.4 from 76.7. Readings near or below 80 are associated with recession.