10/14/2019

U.S. Consumer Confidence Surged in October to 18-Year High

A measure of U.S. consumer confidence rose in October to an almost two-decade high, as Americans expected economic and jobs growth to power ahead despite recent stock-market volatility.

The Conference Board on Tuesday said its index of U.S. consumer confidence rose to 137.9 in October, the highest level since September 2000.

At the same time, U.S. stocks have dropped since the beginning of October. Private analysts and the Federal Reserve think an economic slowdown is looming.
.
“While market participants seem to be extremely eager to call for a recession, consumers have a brighter view of the landscape,” Stephen Stanley, chief economist at Amherst Pierpont Securities, said in a note to clients.

. . . Measures of how consumers feel about the economy climbed after President Trump was elected in 2016 and have been buoyed by strong economic growth, low unemployment and rising wealth. Gross domestic product grew at the fastest pace in nearly four years in the second quarter and continued to grow at a solid 3.5% annual rate from July through September.

View Article
Site has paywall