Following sharp declines in confidence in recent months, U.S. consumers are starting to feel better about the economy, according to the Royal Bank of Canada.
Thirty-eight percent of 1,044 consumers recently surveyed said they expect their personal financial situation to improve in the months ahead, up from 29 percent in August, the Toronto-based financial firm reported. About a third also said they believe the economy in their region will rebound, compared to only a quarter last month.
Consumers were also feeling more confident about job security and investing in stocks and real estate, the survey found.
"The dramatic rebound in consumer sentiment this month is as startling as some of the developments in recent weeks," T.J. Marta, an RBC strategist, said in a statement. Marta said consumer attitudes are often influenced by major events, pointing to the recent drop in gas prices, the bailouts of Fannie Mae and Freddie Mac, and the recent political conventions.