The Conference Board Consumer Confidence Index, which had increased in December, rose sharply in January. The Index now stands at 102.9 (1985=100), up from 93.1 in December. A reading above 100 signals strong growth (it’s OK, you can stand up and shout!).

Says Lynn Franco, director of Economic Indicators at The Conference Board: “Consumer confidence rose sharply in January, and is now at its highest level since August 2007 (Index, 105.6). A more positive assessment of current business and labor market conditions contributed to the improvement in consumers’ view of the present situation.”