United States: Consumer confidence hits a seven-month high in September
September 29, 2020
The Conference Board’s consumer confidence index increased from 84.8 in August to 101.8 in September. Therefore, the index edged above the 100-threshold that separates optimism from pessimism among households, for the first time since the beginning of the pandemic. September’s result was significantly higher than market expectations of an 89.2 reading.
American households’ assessment of the current state of the economy rose notably, while their assessment of short-term outlook for income and business conditions surged in September.
Lynn Franco, senior director of economic indicators at the Conference Board, noted:
“A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence. Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead.”
Author: Steven Burke, Economist