This past week saw a string of economic data that all pointed to modest signs of strength among consumers. Foremost among the numbers was the Consumer Confidence Index, which rose to 72.2 in October from 68.4 in September. This was the best reading in the index since February 2008. The improvement in the index was led by the gain in consumers’ assessment of the jobs market, which rose to minus 29.1 – the highest reading since November 2008.

In addition, data from the big box retailers confirms the improved sentiment among consumers. Same-store sales (excluding Walmart) rose 4.7% in October, above most estimates. Economist Chris Christopher of his Global Insight in a note to the firm’s clients stated “It [retail sales] serves as a positive signal that the holiday retail sales season is looking significantly brighter.” His firm expects holiday retail sales to rise 4.5% above last year’s figures.

The gain in retail sales seemed to be fairly widespread. Among the larger retailers reporting better-than-expected sales for October were Macy’s, Nordstrom, Kohl’s, and TJX. These companies’ sales increases versus estimates were impressive: 4.1% vs. 3.1%, 9.8% vs. 6%, 3.3% vs. 1.1%, and 7% vs. 4.3%, respectively.

Most retailers remain optimistic too, despite the wide ranging effects of Hurricane Sandy. Brian Sozzi, chief equity analyst at NBG Productions, said he believes Sandy is being viewed by most retailers as an “interruption” in a sales trend that has been running above consensus and internal company plans year-to-date.

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