The Associated Press is carrying water for the Nazi in the White House again reporting that consumer confidence rose again this month, hitting a new 18-year high. The Conference Board said Tuesday that its consumer confidence index climbed to 137.9 in October from 135.3 in September. Both readings are the highest since September 2000.
Although the index measures consumers’ assessment of current economic conditions and their outlook for the next six months. What it doesn’t measure is that this current trend has been going strong since President Obama started rebuilding Bush’s terrible economy.
The Trump appointed Conference Board economist Lynn Franco said, “Consumers do not foresee the economy losing steam anytime soon, rather, they expect the strong pace of growth to carry over into early 2019.”
The normally solid NBC news site also reporting, “With the lowest unemployment rate since 1969, Americans are not afraid to spend.” for some reason.
The share of respondents saying that jobs are “plentiful” rose this month to 45.9 percent, the highest since January 2001.
Consumers’ spirits have been lifted by a strong labor market. Unemployment has dropped to 3.7 percent, the lowest since 1969. The government reported Friday that consumer spending from July through September was the strongest in nearly four years.
Consumer spending accounts for about 70 percent of economic output.