“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!
SEE ALSO:
Second-quarter U.S. GDP jumps 4.1% boosting hopes that economy is ready to break out of decade-long slumber – July 27, 2018
Dow rises as Wall Street weighs strong U.S. jobs report, Trump administration’s China tariffs – July 6, 2018
What Apple’s $100 billion buyback plan says about President Trump’s tax cuts – May 2, 2018
U.S. consumer confidence hits 14-year high – March 16, 2018
Dow and S&P 500 close higher on upbeat U.S. labor market data – February 22, 2018
U.S. sees strongest holiday sales since 2010 – January 12, 2018
Dow, S&P 500 and Nasdaq rocket to new all-time records – January 11, 2018
S&P 500 and Nasdaq rise to records on first trading day of 2018 – January 2, 2018
U.S. employment jumps more than expected in November, boosts U.S. stocks – December 8, 2017
U.S. third-quarter GDP revised to three-year high of 3.3% – November 29, 2017
Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
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
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.
Past performance is not indicative of future results.
Are predicting a “dot-com bubble crash” this year or next, Mr. Not Nearly Sharp Enough?
You’re the most full of shit thing I have ever read on the web.
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.
Everyone must own shares in Apple, cause Apple is up 16.4% since July 31st.