U.S. consumer confidence surges to 18-year high

“A measure of U.S. consumer confidence rose in October to an almost two-decade high, as Americans expected economic and jobs growth to power ahead despite recent stock-market volatility,” Sharon Nunn reports for The Wall Street Journal. “The Conference Board on Tuesday said its index of U.S. consumer confidence rose to 137.9 in October, the highest level since September 2000.”
“Americans’ assessment of present conditions remained positive, primarily because of strong employment growth, according to Lynn Franco, senior director of economic indicators at the Conference Board,” Nunn reports. “‘The Expectations Index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon,’ she said. ‘Rather, they expect the strong pace of growth to carry over into early 2019.'”
“The Conference Board’s October survey found the proportion of consumers expecting fewer jobs in the coming months declined and the percentage of consumers foreseeing an improvement in income prospects rose,” Nunn reports. “Despite an apparently slowing housing market and rising interest rates, the proportion of consumers who say they plan to buy a home in the next six months rose in October. A larger proportion of Americans said they planned to buy a car in the coming months.”
“Measures of how consumers feel about the economy climbed after President Trump was elected in 2016 and have been buoyed by strong economic growth, low unemployment and rising wealth. Gross domestic product grew at the fastest pace in nearly four years in the second quarter and continued to grow at a solid 3.5% annual rate from July through September,” Nunn reports. “The unemployment rate is 3.7%, the lowest level since 1969.”
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MacDailyNews Take: Strong and rising U.S. consumer confidence and high employment bodes very well for Apple which has unveiled a slew of new products, including iPhone Xs, Xs Mac, and XR, MacBook Air, iPad Pro, Mac mini, and more ahead of the all-important Christmas shopping season!