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US consumer confidence, a widely-tracked economic gauge, showed a renewed burst of strength in January compared with the prior month, according to the Conference Board's consumer confidence index.
The index reading for January rose to 60.6, marking its highest level since May of last year. The index had declined in December. The index is closely followed by economists as consumer spending accounts for the majority of US economic growth.
The rebound in reported consumer confidence came despite a lukewarm economic recovery and continuing concerns about the strength of the employment market as unemployment has remained stubbornly high in recent months.
The index was released as a new report, entitled "Latino Shoppers: Demographic Patterns and Spending Trends among Hispanic Americans, 8th Edition", reveals how Hispanic Americans now wield buying power in excess of $1 trillion and represent an increasingly important consumer segment for marketers in a post-recession economy.
While overall spending by non-Hispanic consumers declined during the recession, Latino consumers as a whole spent more. Compared to other Americans, Latinos continue to exhibit more confidence about the future of the American economy and show more optimism that their own personal financial situation will improve in the days ahead, the report states.
The report assesses the trends shaping the Hispanic market and highlights opportunities created by the spending patterns of Latino consumers. It also analyses the size and growth of Hispanic buying power through 2015, among other key factors and findings.
Author: Justin Cole, analyst.
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