“U.S. consumer confidence jumped to a 17-year high as optimism about employment prospects grew and Americans began seeing additional money in their paychecks from recently enacted tax cuts, data from the New York-based Conference Board showed Tuesday,” Shelly Hagan and Sho Chandra report for Bloomberg.
“The report reflects increased confidence in employment and incomes, which could support consumer spending,” Hagan and Chandra report. “The labor differential, which measures the gap between respondents saying jobs are plentiful and those who say they’re hard to get, rose to 24.7 percentage points, the highest since 2001.”
“Recent tax legislation signed in December may have also buoyed sentiment, as many Americans saw bigger after-tax paychecks in February due to the law,” Hagan and Chandra report. “Share of households who expect incomes to rise in next six months rose to 23.8 percent, highest since 2001, from 20.6 percent. Buying plans for homes, major appliances and new cars increased.”
Read more in the full article here.
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