U.S. Consumer Confidence Hits Highest Level in 17 Years

U. S. consumer confidence rose more than expected in October to the highest in almost 17 years as Americans grew more confident about the economy and job market, according to figures Tuesday from the New York-based Conference Board.

Jumps in the Conference Board’s measures of the present sentiment and expectations signal People in the USA are becoming considerably more upbeat about the economic climate and employment opportunity outlook as the labor market improves and stock prices climb to record highs. Improvement in household self-confidence helps underpin their particular spending, the biggest part of the economic climate.

The results are consistent with other reports that showed economic activity and confidence are bouncing back, in part a sign that the hit from the recent hurricanes is going is dissipating. The College or university of Michigan’s customer sentiment index climbed in Oct to the strongest since the start of 2004, while the Bloomberg Buyer Comfort Index is near the highest level of the business expansion.

The share of respondents who claim jobs will be plentiful roaw ro 36.3%, the most since June 2001, while people reporting good business conditions increased to 34. 5 percent, matching the best since 2001.

“Confidence continues to be high among consumers, and their expectations suggest the economy will continue expanding for a solid pace for the remainder of the year” Lynn Franco, director of economic indicators on the Meeting Table, said within a statement.

Take aways
• The Conference Board’s measure of consumer confidence rose to 129.5 in November.
• The index hit the highest mark since registering 132.6 in November 2000.