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U.S. Consumer Confidence Rises to 18-Year High
By: BloombergAugust 29, 2018
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U.S. Consumer Confidence Rises to 18-Year High
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Americans’ consumer confidence rose in August to the highest level in nearly 18 years as their assessment of current conditions improved further and their expectations about the future rebounded. The Conference Board reported Tuesday that its consumer confidence index rose to 133.4 in August, up from a reading 127.9 in July. It was the highest reading since confidence stood at 135.8 in October 2000. Consumers’ confidence in their ability to get a job and the overall economy are seen as important indicators of how freely they will spend, especially on big-ticket items such as cars, in coming months. Consumer spending accounts for 70 percent of economic activity. The overall economy, as measured by the gross domestic product, grew at a 4.1 percent rate in the April-June quarter, the best performance since 2014. That estimate will be revised Wednesday. Many economists believe growth has slowed a bit in the current quarter to around 3 percent but will remain far ahead of the weak 2.2 percent GDP growth rate in the first quarter.

This article originally appeared on Bloomberg. Click here to read the full article on Bloomberg.
Tags:  Consumer Confidence, Economy, Trump, U.S., voters, White House
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