Recession fears are starting to fade for Americans

US consumer confidence in December grew for the third consecutive month, reaching its highest level since July, according to a report released on Wednesday. The Consumer Confidence Index surged to 110.7 from 101 in November. The perceived likelihood of a US recession within the next 12 months also decreased to its lowest level of the year. The report surpassed economists’ estimates. Positive ratings of current business conditions and job availability, along with more optimistic views of future prospects, contributed to the increase. Both the Expectations Index and the Present Situations Index rose as well.