Consumers more confident in economy

Consumers more confident in economy

WASHINGTON

Americans are growing more confident in the economy, an encouraging sign for President Barack Obama’s prospects on the most pivotal issue in the presidential race.

A new survey of consumer confidence rose to a seven-month high Tuesday on expectations that hiring will pick up soon. And a separate report showed home values rising steadily, signaling sustained improvement in housing.

The Conference Board’s index of consumer confidence shot up in September to the highest level since February. The jump surprised many economists because the most recent hiring and retail-sales figures have been sluggish.

The consumer-confidence index is watched closely because consumer spending drives nearly 70 percent of economic activity. The index jumped from 61.3 for August to 70.3 for September. It remains well below 90, the level that is thought to signify a healthy economy.

Staples speeds up US store closings

FRAMINGHAM, Mass.

Staples is speeding up the closure of about 15 of its U.S. stores and plans to close 45 stores and some delivery businesses in Europe.

The office-products company also says it will invest more in its online and mobile efforts and will expand the product assortment that it offers to its business customers.

Staples Inc. said Tuesday that these moves and other actions are part of a strategic plan to better serve customers’ needs and accelerate growth.

Chinese factory resumes production

BEIJING

A Chinese factory owned by the manufacturer of Apple’s iPhones has resumed production after a brawl involving some 2,000 workers highlighted chronic labor tensions in a country that prohibits independent unions.

Foxconn Technology Group and police said the cause of the unrest Sunday night was under investigation, but it comes amid a series of violent protests by workers in areas throughout China over grievances about pay and working conditions. Foxconn and police said as many as 2,000 employees were involved, and 40 people were reported injured.

Calif. governor inks driverless-car bill

MOUNTAIN VIEW, Calif.

Gov. Jerry Brown signed legislation Tuesday that will pave the way for driverless cars in California.

The bill by Democratic Sen. Alex Padilla will establish safety and performance regulations to test and operate autonomous vehicles on state roads and highways.

The governor signed it at the Mountain View headquarters of Google Inc., which has been developing autonomous car technology and lobbying for the regulations.

Self-driving cars might sound like science fiction, but they already are cruising California’s roads and could become sold commercially within the next decade.

From wire reports