Economic Report: Americans bullish on economy toward end of summer, consumer sentiment shows

Americans have a pep in their step about the U.S. economy.

The numbers: The confidence of Americans in the U.S. economy and their own well-being rose toward the end of summer and stood near a 14-year high, according to a survey of consumer sentiment.

The University of Michigan’s consumer sentiment index rose to 100.8 in September from 96.2, based on a preliminary reading. It’s the second highest mark since 2004, trailing only the results in March.

What happened: Consumers were more optimistic about getting a job or keeping the one they have. They even think they’ll earn more pay and were less worried about inflation.

Notably, confidence increase among virtually every socio-economic group of Americans. Not too long ago Trump supporters and independents were markedly more optimistic than the president’s most ardent political opponents.

Big picture: The U.S. economy is humming and that’s reflected in a variety of surveys of consumers and business leaders. Growth is likely to remain strong through the end of the year.

What they are saying? “Consumers anticipated continued growth in the economy that would produce more jobs and an even lower unemployment rate during the year ahead,” said Richard Curtin, chief economist of the survey.

Market reaction: The Dow Jones Industrial Average DJIA, +0.07% and the S&P 500 SPX, +0.06% rose in Friday trades. The stock market has forged ahead in the past few days after a shaky start to the month and is not far from record highs.

The 10-year Treasury yield TMUBMUSD10Y, +0.56% touched 3% for the first time since June.

Filed in: Top News Tags: 

You might like:

Market Snapshot: Dow posts back-to-back records, books best weekly since July Market Snapshot: Dow posts back-to-back records, books best weekly since July
Tilray stock slammed as cannabis sector finishes turbulent week Tilray stock slammed as cannabis sector finishes turbulent week
Key Words: Anthony Bourdain in trailer for show’s final season: ‘I pinch myself’ Key Words: Anthony Bourdain in trailer for show’s final season: ‘I pinch myself’
Walmart letter warns tariffs will raise prices and tax American businesses Walmart letter warns tariffs will raise prices and tax American businesses
NewsWatch: Dow, S&P 500 records belie festering fear that China and the U.S. ‘are on a collision course’ NewsWatch: Dow, S&P 500 records belie festering fear that China and the U.S. ‘are on a collision course’
Outside the Box: It’s time for companies to end the obsession with millennials and hire older workers with skills and expertise Outside the Box: It’s time for companies to end the obsession with millennials and hire older workers with skills and expertise
The Ratings Game: iPhone lines were shorter this year, though that might not mean much for Apple The Ratings Game: iPhone lines were shorter this year, though that might not mean much for Apple
The Wall Street Journal: U.K.’s May says Brexit talks have reached ‘an impasse’ The Wall Street Journal: U.K.’s May says Brexit talks have reached ‘an impasse’

Leave a Reply

Submit Comment
© 1418 Stock Investors News. All rights reserved. XHTML / CSS Valid.