U.S. Consumer Confidence Rises to Highest Level Since July 2001

Consumer confidence unexpectedly increased in February to the highest level since July 2001 as Americans grew more upbeat about present and future conditions, according to a report Tuesday from the New York-based Conference Board.

The gain in sentiment is the third in the last four months, though the real test for the economy is how much follow-through there will be in terms of actual spending. While companies continue to add workers, the pace of wage growth has been relatively subdued, especially at this point of the business cycle. Americans are also waiting on specifics from Washington as lawmakers consider ways to boost the economy.