Consumers are growing more optimistic about the U.S. economy

U.S. consumers confidence improved for the second consecutive month. The fall in gas prices and hopes that inflationary pressure might be starting to ease positively influenced the spirit of the citizens. 

According to the Conference Board report released on Tuesday, the baseline index saw a rise to 108 from a revised 103.6 in August, marking the highest reading since April. 

The monthly survey revealed that a pall of pessimism has settled over the economic outlook of Americans. This is also true for the current economic situation. The Present Situation Index rose to 149.6 from 145.3 last month. The Expectations Index increased to 80.3 from 75.8.

This week, economists have to undertake another task —  process the data and calculate the consumer confidence index. 

On Friday, the Personal Consumption Expenditures Index, the Fed’s preferred measure of inflation, will be revealed, and the University of Michigan's data on consumer confidence is expected to be released.