Consumer Confidence

US consumer confidence rises to 18-year high

Americans’ consumer confidence rose in August to the highest level in nearly 18 years as their assessment of current conditions improved further and their expectations about the future rebounded. The Conference Board reported Tuesday that its consumer confidence index rose to 133.4 in August, up from a reading 127.9 in July. It was the highest reading since confidence stood at 135.8 in October 2000. Consumers’ confidence in their ability to get a job and the overall economy are seen as important indicators of how freely they will spend, especially on big-ticket items such as cars, in coming months. Consumer spending accounts for 70 percent of economic activity. “Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018,” said Lynn Franco, director of economic indicators at the Conference Board. “These historically high confidence levels should continue to support health consumer spending in the near term.” The overall economy, as measured by the gross domestic product, grew at a 4.1 percent rate in the April-June quarter, the best performance since 2014. That estimate will be revised Wednesday.

More great news in this Trump economy!!    🙂

Consumer Confidence Rises Toward 18 Year High Again

The confidence of American consumers is riding higher. Consumer confidence rose by more than expected in July, according the Conference Board. The consumer confidence index rose to 127.4 in July, four-tenths of a percentage point above expectations. June’s reading was revised up from 126.4 to 127.1, indicating confidence was even stronger in June than previously thought. While the July reading was below the recent high of 130 it is very high by historical standards. “Consumers’ assessment of present-day conditions improved, suggesting that economic growth is still strong,” said Lynn Franco, Director of Economic Indicators at The Conference Board.“However, while expectations continue to reflect optimism in the short-term economic outlook, back-to-back declines suggest consumers do not foresee growth accelerating.” That’s likely an accurate assessment. The economy grew at a 4.1 percent pace in the second quarter, the highest level since 2014. It’s unlikely to accelerate to an even higher growth rate in the remainder of the year. Consumers views of current conditions improved further in July. Just 10.1 percent say business conditions are “bad, down from 11.5 percent a month earlier. Those business conditions are “good” rose to 38.0 percent from 37.2 percent. The view of the labor market was also improved. Those claiming jobs are “plentiful” increased to 43.1 percent from 40.4 percent. Only 15 percent describe jobs as “hard to get”—unchanged from June.

More great economic news in this Trump economy!!    🙂

Consumer Confidence Breaks Another Record, Hits 17-Year High

Consumer confidence in the U.S. is soaring yet again, reaching a 17-year high this month, according to the latest Consumer Confidence Index survey. The Conference Board’s latest survey of consumer confidence notes that consumer confidence rose to 129.5, its highest point since the index climbed to 132.6 in November 2000. Last month’s consumer confidence index already broke records, when the index for October increased to 125.9—the highest it had been since December 2000. The latest numbers have defied economists’ expectations, with many predicting that the index would go down to 124. “Consumer confidence increased for a fifth consecutive month and remains at a 17-year high,” Lynn Franco, director of Economic Indicators at The Conference Board, told CNBC. Franco predicts that the reason for the increase may have to do with consumers’ optimism about the economy’s expansion around the holiday season. “Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018,” Franco said. The index measures American consumers’ attitudes about the economy and their predictions of how it will fare during the next six months. Economists keep a watchful eye on this survey because consumer spending makes up 70 percent of economic activity in the U.S.

More great news on the economic front!  Outstanding!!   🙂

Consumer confidence hits highest level since December 2000

Consumers were even more optimistic in October than economists polled by Reuters expected. Consumer confidence rose to 125.9 in October, according to the Conference Board. The index “increased to its highest level in almost 17 years,” Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement. That was in December 2000, when the index hit 128.6. The economic weight of Hurricanes Harvey and Irma pulled down the spirits of U.S. consumers in September, when the index was relatively flat. In October, “consumers’ assessment of current conditions improved,” Franco said. “[This was] boosted by the job market which had not received such favorable ratings since the summer of 2001,” Franco said. The high level of confidence suggests the economy will continue to expand “at a solid pace” for the rest of 2017, Franco added. The index takes into account Americans’ views of current economic conditions and their expectations for the next six months. Economists pay close attention to the numbers because consumer spending accounts for about 70 percent of U.S. economic activity.

Great news!!   🙂

Sen Perdue on Trump’s First 100 Days: Consumer Confidence Is the Highest It’s Been in 20 Years

Wednesday on CNBC’s “Squawk Box,” while discussing President Donald Trump’s first 100 days in office, Sen. David Perdue (R-GA) heralded Trump’s leadership, noting, “Consumer confidence is actually up, it’s the highest it’s been in 20 years. CEO confidence is up.” Perdue said,”When he was a candidate, he said job one would get the economy going and he is trying to move in that direction. The regulatory work that has been done so far is encouraging. I like this tax conversation. I give Paul Ryan and Kevin Brady a lot of credit for starting this dialogue this year. I am hopeful that we will get there, but I am encouraged by the tax plan that came out last night. I’m looking forward to having that debate over there. I am excited we are talking about things that are pro-growth.” He added, “When I go home people are so frustrated with the gridlock. I just think that’s the first thing we have to come to grips with. And the second is that we see the world here in Washington – these politicians that have been here for so long don’t see it the same way as the rest of the world. They want Washington to work. They’re less concerned about how we got Gorsuch confirmed than they are we got him confirmed. They are less concerned about how we do this tax thing than getting it done here. They want the economy moving. Let me give you some encouragement here. I’ve watched this all my life. Consumer confidence is actually up, it’s the highest it’s been in 20 years. CEO confidence is up. Why is that? They’re hopeful, you talk about hope, they’re hopeful that actually, we’re going to break through on regulation, which they see happening right now, that we’ll end up with a relatively good tax package that will create a level playing field with the rest of the world, we’ll solve this health care disaster that we’re sitting here with and move forward.”