The consumer confidence index was at 86.4 in June and jumped up to 90.9 in July, putting it at the highest level since late October in '07. Before this June to July jump, economists were predicting a drop so this jump was an unexpected surprise.
It seems that the recent up-turn in hiring and improved economic growth are creating a more optimistic climate for consumers. The US is currently in one of the best hiring stretches we have seen since the recession ended in mid '09. This stretch has been going for the last 6 months and economist are expecting it to continue.
It seems that the recent up-turn in hiring and improved economic growth are creating a more optimistic climate for consumers. The US is currently in one of the best hiring stretches we have seen since the recession ended in mid '09. This stretch has been going for the last 6 months and economist are expecting it to continue.
“Strong job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations,” said Lynn Franco, director of economic indicators at board.
The improvement in consumer confidence “suggests the recent strengthening in growth is likely to continue into the second half of this year,” Franco said. Indeed, most economists predict the U.S. will expand by more than 3% in both the third and fourth quarters.
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