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Consumer confidence jumped this month to a high not reached since August 2001, and consumer expectations reached a 13-year high as Americans' outlook for the US economy remains optimistic.
The confidence index rose to 113.7 from November's 109.4. Economists had expected a move to 109 as Americans look to President-elect Donald Trump and his administration to deliver on promises of increased jobs, lower taxes and overall stronger economic growth. The numbers show that Americans are particularly optimistic about future labor and income growth, Bloomberg reports.
Conference Board director Lynn Franco said economic indicators point to a post-election surge in confidence in the economy. "Looking ahead to 2017, consumers' continued optimism will depend on whether or not their expectations are realized." [Bloomberg]
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