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Consumer confidence explodes to a 13-year high

13 Octobre 2017

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.

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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.

Consumer confidence explodes to a 13-year high