Consumer Humility Plunges

The Conference Board just reported that Consumer Confidence jumped up to its highest level since the recession.

The latest reading on consumer confidence from the Conference Board came in a 104.1 for September, up from the prior month’s 101.8.

Meanwhile, economists had forecast that the index dropped to 99.0 this month, according to the Bloomberg consensus.

“Consumers’ assessment of present-day conditions improved, primarily the result of a more positive view of the labor market,”said Lynn Franco, Director of Economic Indicators at The Conference Board.

“Looking ahead, consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects. Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead.”

Earlier today, the Case-Shiller report said that home prices continue to rise. Taken together, these reports suggest to me that we’re still not near a recession.

Posted by on September 27th, 2016 at 10:10 am

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