Consumer confidence reaches highest level in eight months

Consumer confidence reaches highest level in eight monthsConsumer confidence has reached an eight-month high today as decreased unemployment and other factors are slowly helping to turn the economy around.

Bloomberg reports that the Thompson Reuters/University of Michigan consumer confidence index has risen to 75.1 for February, an increase over the 74.2 score seen in February and the highest in the past five months. The jump was mostly in-line with the expectations of analysts interviewed by the news source. The index largely attributed the growth to an uptick in available jobs.

"At the end of the day, people spend on how they feel about their job prospects, and additional gains in confidence are likely to provide further support for spending," said Millan Mulraine, senior U.S. strategist at TD Securities.

Still, the index is well-below pre-recession figures, which typically averaged a score of 89.

Those who feel themselves gaining confidence in the economy may want to look into acquiring a car loan. It's a great time to buy, as interest rates are at record lows and lenders are extending offers to even bad credit buyers. Consumers who are still wary about their economic situation may want to use an online car loan calculator to determine what types of payments they can afford.