ZCZC
BCN-26
US-ECONOMY-CONSUMER-CONFIDENCE-INDICATOR
US consumer confidence highest in nearly 18 years: survey
WASHINGTON, Aug 29, 2018 (BSS/AFP) – Confidence among ebullient US
consumers reached a high of more than 17 years in August, with Americans
feeling increasingly assured about jobs and growth, according to a survey
released Tuesday.
The result suggested consumer spending should continue to be strong in the
third quarter, boosting growth, despite President Donald Trump’s multi-front
trade offensive with major trading partners, according to the Conference
Board.
The Consumer Confidence Index jumped 5.5 points to 133.4, well above
analyst expectations.
Lynn Franco, the board’s director of economic indicators, said the result
was the highest since October of 2000.
“Consumers’ assessment of current business and labor market conditions
improved further,” Franco said in a statement.
“Expectations, which had declined in June and July, bounced back in August
and continue to suggest solid economic growth for the remainder of 2018.”
The share of consumers who said business conditions were “good” edged up
marginally to 40.3 percent while those saying they were “bad” fell more than
a point to 9.1 percent.
Optimism also swelled among those saying jobs were “plentiful” and those
who expect things to improve in the next six months — but those expecting
conditions to worsen rose marginally to 10.5 percent.
BSS/AFP/HR/1055