Despite turbulent markets, consumer confidence unexpectedly jumped more than expected in September. Bobbi Rebell reports.
U.S. stock markets have been a roller coaster, but consumers are taking it in stride. Consumer confidence rose and was higher than expected in September, according to industry group, The Conference Board. August was revised slightly higher as well. S&P Capital IQ's Sam Stovall: (SOUNDBITE) SAM STOVALL , MANAGING DIRECTOR, U.S. EQUITY STRATEGY , S&P CAPITAL IQ (ENGLISH) SAYING: "I think that what we've been seeing with the consumer confidence is one in which the unemployment rate has been steadily coming down. Jobs are becoming a little more plentiful. We are, actually, seeing a bit of an increase in salaries, etc. So, the consumer, in general, is feeling better." Stovall adds that, because many consumers invest through vehicles like 401(k)s and IRAs, they don't make direct investment decisions, and aren't always tuned in to short term market trends. For that reason, it is quite possible consumer confidence could continue to rise, even as stocks fall. But the confidence could also provide support for the market. LexION Capital CEO Elle Kaplan: (SOUNDBITE) ELLE KAPLAN, CEO, LEXION CAPITAL (ENGLISH) SAYING: "We have not seen a number this high since January of this year so you would expect perhaps investors would feel very good about that " Also a good sign: The consumer present situation index in fact hit its highest level since September of 2007.