Consumer Confidence Surges in January

New York, NY, Jan. 25, 2011 -- U.S. consumer confidence jumped to 60.6 in January, the highest level since May, the Conference Board reported Tuesday.

More consumers are optimistic about income and jobs, as well as current business conditions, the Conference Board said.

Economists had expected a confidence reading of 54.8.

"Consumers rated business and labor-market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead," said Lynn Franco, director of Conference Board's consumer research center, in a press release.

"Although pessimists still outnumber optimists, the gap has narrowed."

Confidence in December reached 53.3. Consumers' expectations rose to 80.3 in January from 72.3 in December.

In a good economic environment, confidence readings are usually at 90 or higher.