US consumer confidence rises more than expected in September

The consumer confidence index jumped to 108.0 this month from 103.6 in August.
1:39 | 09/27/22

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Transcript for US consumer confidence rises more than expected in September
REPORTER: Another down day for stocks, as fears of a global recession spook Wall Street. The Dow Jones Industrial average is now officially in a bear market, down more than 20% from its recent high. - We've gone through quite a roller coaster in the markets over the course of this entire year. REPORTER: The sell off has been sparked by aggressive interest rate hikes from the Federal Reserve in its fight to tame inflation. Higher borrowing costs are now rippling through the economy. Fifth grade teacher, Wesley Robinson, and his family started building a new home in Arkansas last year when interest rates were close to 3%. - With the low interest rates, we thought, hey, if we're going to ever upgrade, now's the time. REPORTER: But as the pandemic stalled construction and the Fed kept raising rates, their new home only got more expensive. Their mortgage rate ending up at 5% instead of 3%. - It was frustrating and it did add $300 or $400 to the potentially monthly costs to our mortgage. REPORTER: Even as consumers stared down higher interest rates, a new survey shows confidence in the economy is rising, thanks to a strong jobs market and a decline in the price of gas from its recent high. - When you feel like, hey, it cost me $40 instead of $60 to fill up my tank, you feel better about those other things you need to purchase and want to purchase. And I that's driving a lot of this. - Now, financial advisors say it's important to have a long term perspective on the stock market to weather out these patches of uncertainty. Some advisors add that if you're really worried about the drop in stocks, you could consider putting some of your investments into bonds, which have higher yields right now as interest rates go up. Elizabeth Schulze, ABC News Washington.

This transcript has been automatically generated and may not be 100% accurate.

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