The Conference Board Consumer Confidence Index increased for September. According to an article by Florida Realtors, this means that US consumer confidence is at its highest point since the recession. This September’s confidence reading was 104, and during the recession it dropped as low as 25, wrote CNN.
“Consumer confidence increased in September for a second consecutive month and is now at its highest level since the recession,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of present-day conditions improved, primarily the result of a more positive view of the labor market.
“Looking ahead, consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects,” she adds. “Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead.”
The Conference Board said that these positive results reflect a healthy job market in the United States. Those surveyed who said that jobs were “plentiful” increased from 26.8 percent to 27.9 percent, and the number of people claiming jobs are “hard to get” declined from 22.8 percent to 21.6 percent. The number of people who expect business conditions to improve in the next six months did decrease, but the number expecting them to get worse also decreased. CNN noted that the upcoming election and change in presidency does not seem to have a negative affect on US consumer confidence.
“The data remain consistent with an improving labor market … with no sign of any significant negative impact from election-related uncertainties,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics, a research firm, wrote CNN.
Seeing that there is improving consumer confidence nationwide is a great indicator of a healthy economy. It is also exciting and relieving that these statistics are at their highest since the recession. If you are wary of making a big purchase like real estate, this should assuage your concerns. Check out the beautiful homes we have available in Miami today and contact a RE/MAX Paradise agent when you are ready to make a move!