“The Conference Board Consumer Confidence Index® increased in August, following a modest increase in July. The Index now stands at 133.4 (1985=100), up from 127.9 in July. The Present Situation Index improved from 166.1 to 172.2, while the Expectations Index increased from 102.4 last month to 107.6 this month,” per the Conference Board in a statement to the Daily Business News on MHProNews.
“Consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July,” said Lynn Franco. Franco is the Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current business and labor market conditions improved further. Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018. Overall, these historically high confidence levels should continue to support healthy consumer spending in the near-term.”
Should Support Housing Demand
“Many consumers said they planned to buy a house or other big-ticket items in the months ahead,” said Reuters about the report.
Consumers’ sense of current conditions improved further in August to the best levels of any presidential administration in this century.
- Those stating business conditions are “good” increased from 38.1 percent to 40.3 percent,
- while those saying business conditions are “bad” declined from 10.3 percent to 9.1 percent.
Consumers’ assessment of the labor market was also more favorable.
- Those claiming jobs are “plentiful” was virtually unchanged at 42.7 percent,
- while those claiming jobs are “hard to get” declined from 14.8 percent to 12.7 percent.
Consumers’ optimism about the short-term outlook also rebounded in August.
- The percentage of consumers anticipating business conditions will improve over the next six months increased from 22.9 percent to 24.3 percent,
- but those expecting business conditions will worsen marginally rose, from 10.3 percent to 10.5 percent.
- Regarding their short-term income prospects, the percentage of consumers expecting an improvement rose from 20.4 percent to 25.5 percent,
- while the proportion expecting a decrease declined, from 9.4 percent to 7.0 percent.
Source: August 2018 Consumer Confidence Survey®.
The data is similar to other reports previously cited by the Daily Business News, and should continue to foster confidence on the part of businesses planning their inventory and investments. “We Provide, You Decide.” © ##(News, analysis, and commentary.)
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