A measure of consumer confidence increased on more upbeat assessments of business and labor conditions and fewer concerns about inflation, interest rates and recession.

The Conference Board reported its Consumer Confidence Index rose 9.7 points to 110.7 in December. Components of the index tracking current conditions and short-term expectations both increased.

“December’s increased in consumer confidence reflected more positive ratings of current business conditions and job availability as well as less pessimistic views of business, labor market and personal income prospects over the next six months,” said Dana Peterson, chief economist of the Conference Board, a New York-based think tank

Expectations for inflation continued to recede, Peterson said with the average 12-month projection at 5.6 percent. Expectations interest rates will rise in the year ahead fell to their lowest levels since January 2021. The perceived likelihood of a recession over the next year fell to its lowest level of the year.

More upbeat assessments of current business and labor conditions pushed up the present situation component of the index 12 points to 148.5

The proportion of consumers who responded to the survey upon which the December index was based who called business conditions good rose 3.1 points to 21.7 percent. The share of those who called business conditions bad fell 2.4 points to 16.5 percent.

The proportion of consumers who said jobs were plentiful rose 2.1 points to 40.7 percent. The share of those who said jobs were hard to get fell 2.4 points to 13.2 percent.

A more optimistic outlook among consumers also pushed up the expectations component of the index 8.2 points to 85.6, closer to levels last seen in July.

The share of consumers who said they expect business conditions to improve over the next six months rose 1.5 points to 18.7 percent. The proportion of those anticipated worsening conditions fell 4.1 points to 16 percent.

The share of consumers who said they expect more jobs to become available rose 1.1 points to 17.8 percent. The proportion of those who forecast fewer jobs fell 2.9 points to 17.2 percent.

While 18.7 percent of consumers said they expected their incomes to increase, 12.6 percent anticipated less income.