Consumer confidence hits a new high in September
Consumer confidence reached a new high in September, as steady job gains and a solid economic rebound boosted Americans’ optimism about the coming months.
The Conference Board reported Tuesday that its consumer confidence index rose to 109.7 in September, up from 115.1 in August. This marked the biggest one-month gain in the index since April 2020.
Lynn Franco, senior director of economic indicators at the Conference Board, noted that consumers’ assessment of current conditions improved significantly, indicating that economic growth remained strong in the third quarter.
The index measures consumers’ assessment of current economic conditions and their outlook for the next six months. Economists closely monitor consumer confidence because it can influence their spending decisions, which play a major role in driving economic growth.
The report also found that consumers’ expectations for the labor market improved, with the percentage of those anticipating more jobs in the coming months increasing. This suggests that the strong job market seen in recent months is likely to continue.
Despite ongoing concerns about inflation and supply chain disruptions, Americans’ confidence in the economy appears to be resilient. This positive sentiment bodes well for continued economic growth in the months ahead.