(Bloomberg) -- Consumer confidence increased in April to the second-highest level in more than eight years as Americans grew more upbeat about their financial prospects.
The University of Michigan said Friday that its final index for the month increased to 95.9 from 93 in March. The median projection in a Bloomberg survey of economists was for 96, little changed from the preliminary April reading of 95.9.
A stronger sense of job security and building momentum in wage growth are helping to buoy confidence, which may encourage consumers to spend rather than save their paychecks. Low fuel costs and continued labor market progress will help keep households upbeat even as the Federal Reserve considers raising interest rates for the first time since 2006.
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