September’s consumer confidence index hit 138.4. The highest it has been since it reached its all-time high of 144.7 in 2000.
Economists expected consumer confidence to drop to 132 this month, down just under 3 points from the August index of 134.7, but the numbers didn’t stick with their predictions.
"Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth,” Lynn Franco, director of economic indicators at the Conference Board said, “These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season."
So it sounds like we can expect to receive more gifts this Christmas!
The Conference Board also said optimism about the short-term outlook improved considerably in September, with 27.6 percent of consumers expecting business conditions to improve over the next six months; that's up from 24.4 percent in August. Consumers expecting business conditions to worsen dropped from 9.9 percent to 8 percent.