New York: American’s have a positive view of the current economic condition leading consumer confidence to reportedly reach the highest level in over 16 years. The Conference Board’s consumer confidence index jumped by more than 100 since February, indicating an improvement for the second consecutive month. It also eclipsed economists’ estimates of 114.
Consumers have appraised the current conditions and have indicated that both business and employment conditions have significantly improved. The report shows consumers have expressed a positive view regarding the short-term outlook for business, jobs and personal income. “This astonishing result wasn’t foreshadowed by other consumer surveys, so our first thought is that it can’t last,” said Ian Shepherdson, economist at Pantheon Macroeconomics. Should the results be real, one can expect a sharp fall in the unemployment rate and a significant increase in consumer spending which will result in a stronger economy.