American confidence is up and so is spending this year

November 29, 2016

 

mall

CVBJ PHOTO
Shoppers visit a Christmas kiosk in Weberstown Mall during the holiday.

WASHINGTON — Consumer confidence reached its highest level in more than nine years according to the Conference Board’s consumer confidence index. The index registered a 107.1 in November, up from 100.8 last month. That was the highest number since July 2007.

Americans’ assessment of current economic conditions was the best since July 2007. Consumers expectations for the next six months were the most optimistic since June 2015.

The survey was taken mostly before the Nov. 8 election but Donald Trump’s election appears to have had no impact on those numbers according to Conference Board economist Lynn Franco.

Consumers confidence is important because nearly 70 percent of the economy is driven by consumer spending.

Overall economic numbers look healthy. The government reported that the economy grew at a 3.2 percent annual pace from July to September, fastest in two years. Consumer spending was up 2.8 percent in the third quarter and the unemployment rate is at 4.9 percent. Employers also added 181,000 jobs per month so far this year.

Leave a Reply

Your email address will not be published. Required fields are marked *