“Consumer confidence rose in August to its highest level since October 2000, building on July’s solid result,” Michael Sheetz reports for CNBC.
“The Conference Board’s index climbed to 133.4 in August, despite expectations from a survey of Reuters’ economists that it would fall to 126.7,” Sheetz reports. “The measure rose slightly last month to 127.4, up from 127.1 in June as consumers reported better feelings toward the economy in the near term but less optimism about long-term growth.”
“‘Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018,’ Lynn Franco, director of economic indicators at The Conference Board, said in a statement,” Sheetz reports. “‘These historically high confidence levels should continue to support healthy consumer spending in the near-term,’ Franco added… Since consumer spending accounts for about 70 percent of U.S. economic activity, economists’ pay close attention to the number.”
Read more in the full article here.
MacDailyNews Take: Obviously, historically high consumer confidence and its attendant spending bodes very, very well for Apple!
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