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The Conference Board Consumer
Confidence Index® rose to 101.8 in September
from 86.3 in August—the largest single-month increase since 2003. While the
index remains far short of prepandemic levels, September’s sharp jump
followed back-to-back monthly declines. A more favorable view of current
business and labor market conditions (Present Situation Index), coupled with
renewed optimism about the short-term outlook (Expectations Index), helped
spur this month’s rebound. Respondents to the survey on which these indexes
are based said that the job market is getting better and that their
short-term income prospects are improving. Looking ahead, this positive
momentum bodes well for the US economic recovery as we approach 2021. |
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