Consumer Comfort Climbs on Brighter Views About Economy
Consumer confidence increased last week to the highest in more than two months as Americans were more upbeat about the economy than at any time since early 2016, figures from the weekly Bloomberg News Consumer Comfort Index showed Nov. 3.
Key Points
• Consumer comfort index rose to 44.6, the highest since the week ended Aug. 21, from 43.9.
• Gauge of views on economy climbed to 36.9 from 35.9.
• Measure of economy rose 4.7 points in the past two weeks, the most in 12 years.
• Personal finances measure increased to 57.5, the strongest since Aug. 21, from 56.6.
• Buying-climate measure little changed at 39.5 after 39.3.
Big Picture
The 3.3-point jump in confidence over the past two weeks, the magnitude of which has occurred just twice since May 2009, bodes well for household spending. Furthermore, job and income growth are boosting Americans’ attitudes about their finances, a solid foundation for more consumption that’s been the economy’s mainstay.
The Details
• Sentiment improved in three of four regions, led by the Midwest, where it rose 2.6 points.
• Confidence among respondents older than 65 was the strongest since 2007.
• Unemployed Americans most upbeat since March 2015.
• Comfort among Democrats up 4.7 points in past two weeks and little changed among Republicans.
