ICYMI, the Consumer Confidence Index, which measures consumers’ assessments of the economy, is at its highest level since March 2020. This comes just days after economists predicted 2021 may be the strongest year for the American economy in nearly seven decades, BEA data showed personal income rose in all 50 states last quarter, and as the four week moving average for unemployment insurance claims hit a pandemic low. The latest increase in consumer confidence marks the fourth straight month of gains as President Biden’s economic agenda and the American Rescue Plan championed by House Democrats continue to help communities and businesses build back better from COVID-19.
The latest from Bloomberg shows that under President Biden, Americans are optimistic about where the economy is and that it will continue to grow:
The latest from Bloomberg shows that under President Biden, Americans are optimistic about where the economy is and that it will continue to grow:
“U.S. consumer confidence rose in June by more than forecast to a fresh pandemic high as Americans became more upbeat about the economy and job market. The Conference Board’s index increased to 127.3 from a revised 120 reading in May, according to a report Tuesday. The median estimate in a Bloomberg survey of economists called for a reading of 119.”
“As more vaccinations allow the U.S. to reopen in earnest, including in large states such as California and New York, optimism is growing about economic and labor market conditions. The report showed the improvement in confidence is driving a pickup in vacation plans, consistent with a shift toward increased spending on services that will help power the economy.”
“The share of consumers that said jobs are plentiful increased to a 21-year high of 54.4%. The closely watched labor differential also improved. The share of respondents who said jobs were plentiful exceeded the share of those who said they were hard to get by the most since 2000.”
“As more vaccinations allow the U.S. to reopen in earnest, including in large states such as California and New York, optimism is growing about economic and labor market conditions. The report showed the improvement in confidence is driving a pickup in vacation plans, consistent with a shift toward increased spending on services that will help power the economy.”
“The share of consumers that said jobs are plentiful increased to a 21-year high of 54.4%. The closely watched labor differential also improved. The share of respondents who said jobs were plentiful exceeded the share of those who said they were hard to get by the most since 2000.”