Just days after Bloomberg's Consumer Comfort index plunged to its lowest since 2015, The Conference Board reports a spike in Consumer Confidence to 104.1 – the highest since Sept 2007 (right before the market topped out).
You decide…
Consumers' assessment of current conditions improved in September. Those stating business conditions are "good" decreased from 30.3 percent to 27.4 percent. However, those saying business conditions are "bad" declined from 18.2 percent to 16.2 percent. Consumers' appraisal of the labor market was more positive than last month. Those stating jobs were "plentiful" increased from 26.8 percent to 27.9 percent, while those claiming jobs are "hard to get" declined from 22.8 percent to 21.6 percent.
Consumers' optimism regarding the short-term outlook was more favorable in September. The percentage of consumers expecting business conditions to improve over the next six months decreased from 17.6 percent to 16.5 percent. However, those expecting business conditions to worsen also declined from 11.4 percent to 10.2 percent.
Lynn Franco, Director of Economic Indicators at The Conference Board.
"Consumer confidence increased in September for a second consecutive month and is now at its highest level since the recession,"
"Consumers' assessment of present-day conditions improved, primarily the result of a more positive view of the labor market. 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."
Consumers plans to buy Cars, Homes, and Major Appliances all dropped… and forward income expectations tumbled.
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