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Successfully reaching its highest numbers in roughly 18 years, consumer confidence achieved an unprecedented increase last month. According to CNBC, economists polled by Reuters projected consumer confidence to dip to 132 — the index actually rose to 138.4 in comparison to August’s 134.7.
As stated by Lynn Franco, director of economic indicators at The Conference Board, "Consumers' assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth…these historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season."
The consumer confidence survey was created to measure American citizens’ perspectives on current economic conditions and prospects — including business and labor market conditions — for the upcoming six months. According to data collected by The Conference Board, the future is bright, and there is overall optimism surrounding short-term outlook. Currently, data concludes that 27.6% of consumers have high expectations for business condition improvement over the next six months, and labor-market expectations also improved in the month of September, as 22.5% of consumers reported that they expect more jobs to be available in the coming months.
Learn more about consumer confidence trends here.
Photo credit: The Conference Board
