Consumer confidence gains in December

U.S. consumer confidence rose in December due to an increase in short-term expectations, though consumers "remain far from optimistic," the Conference Board reported Thursday. The consumer confidence index rose to 88.6 from a revised reading of 87.8 in November. The initial estimate for November was 87.3.

December's confidence reading is below last year's level of 110.0, as consumers have been concerned about higher energy prices and falling home prices.

Analysts surveyed by MarketWatch had expected a December reading of 86.4.

This month's expectations index level rose to 75.5 from 69.1 in November, yet remains below 96.3 during the same period in the prior year.

Those expecting business conditions to improve in the next six months increased to 13.8% from 12.4%. Those expecting more jobs in the months ahead rose to 11.2% from 10.6%.

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