Consumer confidence pops in August to highest level since October 2000

“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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  1. Let’s see, can’t quite recall what happened last time consumer confidence was approaching its prior peak … Oh yeh, the dot-com bubble crashed IN 2000 sending the NASDAQ down by 78% from its peak. Other than that, the new 2018 peak in consumer confidence bodes very well for AAPL.

  2. When pundits & politicians start predicting the boom will last for a long time, that is when it is time to get worried.
    Happened in 2000 and in 2008. Different areas of the economy expanded without a solid base and then the crash happened.
    I’m happy that the economy is growing well (my APPL stocks are doing fantastic) but over exuberance often come back to bite.

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