American “consumers were even more optimistic in October than economists polled by Reuters expected,” Michael Sheetz reports for CNBC. “Consumer confidence rose to 125.9 in October, according to the Conference Board.”
“The index ‘increased to its highest level in almost 17 years,’ Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement,” Sheetz reports. “That was in December 2000, when the index hit 128.6.”
“‘[This was] boosted by the job market which had not received such favorable ratings since the summer of 2001,’ Franco said. The high level of confidence suggests the economy will continue to expand ‘at a solid pace’ for the rest of 2017, Franco added,” Sheetz reports. “The index takes into account Americans’ views of current economic conditions and their expectations for the next six months. Economists pay close attention to the numbers because consumer spending accounts for about 70 percent of U.S. economic activity.”
Full article here.
MacDailyNews Take: This certainly bodes very well for the economy in general and for makers of coveted goods, like Apple, in particular, going into the holiday shopping season.
It’s looking like a very Merry Christmas for Apple this year!
Now imagine if the U.S. Congress would actually enact much-needed personal income and corporate tax reform alongside a repatriation tax holiday.
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017