USA consumers are feeling great about the economy right now.
The numbers: The University of MI said its consumer sentiment index climbed to a 13-year high of 101.1 in October from 95.1 in September, topping the MarketWatch-compiled consensus of 95.
A measure of US consumer sentiment rose swiftly in the first half of October to its highest level since 2004, a positive sign for household spending this fall.
Richard Curtin, chief economist for the University of Michigan's monthly Survey of Consumers, said the rate, which increased more than 6 percent from September, is a reflection by consumers that the economy is performing about as well as can be expected.
Treasury committee threatens FCA in battle over Royal Bank of Scotland report
The regulator added "We welcome further dialogue with the TSC on providing assurance about the publication of the summary". The FCA has said that reports of this kind were compiled on the understanding they won't be published.
This "as good as it gets" outlook is supported by a moderation in the expected pace of growth in both personal finances and the overall economy, accompanied by a growing sense that, even with this moderation, it would still mean the continuation of good economic times. This tops the highs this index hit after the election, when both business and consumer sentiment surveys showed broad optimism in the wake of President Donald Trump's election win. Most estimates for 2017 retail holiday sales are falling in the 4.0% to 4.3% range.
"Confidence continues to be supported by the soaring stock market and conditions in the labor market which, looking through the disruption caused by the hurricanes in September, still look very strong", said Andrew Hunter, U.S. economist at Capital Economics, in a note to clients. Although such an outlook is typically recorded in the late phase of an expansion, its occurrence is independent of the ultimate length of an expansion.
Myles Udland is a writer at Yahoo Finance.
- India's Sensex rallies 250 points; Bharti Airtel climbs 8%
- Teenager sexually assaulted three times as she walked home
- Sam Bradford again out at Vikings practice
- Mindy Kaling Was Very OK With Oprah Spilling Her Pregnancy News
- Le groupe sans Silva, Kurzawa, Motta, Verratti et Cavani — Dijon / PSG
- Mass. House Moves Quickly To Ban Bump Stocks
- Kim Kardashian Clears Up Rumors About North & Saint's Relationship
- Mort de l'ex président malgache Albert Zafy
- François Hollande donnera sa première conférence en Corée du Sud
- Sa première sortie depuis l'annonce de sa troisième grossesse — Kate Middleton