Economy

US Consumer Confidence Jumps To Nearly 17-Year High In October

US Consumer Confidence Jumps To Nearly 17-Year High In October”

There are bigger events this week.

The Conference Board said its consumer confidence index jumped to 125.9 in October from an upwardly revised 120.6 in September.

Consumer confidence in the U.S. saw a significant improvement in the month of October, the Conference Board revealed in a report released on Tuesday.

Earlier, the Chicago PMI beat expectations by advancing to 66.2 points, above 61 expected. In October, "consumers' assessment of current conditions improved", Franco said.

The high level of confidence suggests the economy will continue to expand "at a solid pace" for the rest of 2017, Franco added.

The share of respondents who say jobs are plentiful rose to 36.3 percent, the most since June 2001, while people reporting good business conditions increased to 34.5 percent, matching the highest since 2001.

Looking ahead, the percentage of consumers expecting business conditions to improve over the next six months rose to 22.2% from 20.9%, while those expecting conditions to worsen fell to 6.9% from 9.6%. At the same time, the percentage feeling that their incomes would fall in the coming months dropped from 8.6 percent to 7.4 percent, with those anticipating higher incomes edging down slightly from 20.5 percent to 20.3 percent.

ABOUT THE CONFERENCE BOARD The Conference Board is a global, independent business membership and research association working in the public interest.

Economists monitor confidence because consumer spending accounts for about 70 percent of USA economic output.

ABOUT NIELSEN Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers watch and buy.



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