Consumer Confidence Hits Highest Level of Cycle
Oct 31, 2017
Consumer confidence rose to its highest level of this economic cycle according to the October Conference Board report. Confidence rose from 120.6 to 125.9 (exp. 121.5) on improved outlooks for both present and future conditions. Consumers’ perceptions of the labor market improved with the net jobs plentiful/jobs hard to get differential rising 4.1 points, consistent with an unemployment rate falling to 3.5%. Expectations for income were also improved with the net differential of those expecting an increase in income/expecting a decrease in income rising 1.0 point.