US Consumer Confidence Beats Expectations, Defies Recession Fears

0 73

US Consumer Confidence Jumps Beyond Expectations in September

The Consumer Confidence Index in the US rose above the expected value in September to 108.0 from 103.6 in August. This leads to an extension of a sentiment rebound that began last August raising confidence in the US economy.

US Consumers Defy Wall Street’s Recession Fears

The recent rise in the Consumer Confidence Index expressed the opinion that US consumers continue having growing confidence in the economy, which contradicts the recessionary fear on Wall Street. These fears were heightened just a week ago when the Federal Reserve increased its benchmark interest rate and expected to see rising unemployment.

Sentiment Improves for Labor Market and Business Conditions

The Conference Board confirmed on Tuesday that the increase in the Consumer Confidence Index for September was due to the improvements both in the current state of the labor market and business conditions.

With the data indicating strong and resilient consumer confidence, this may in turn sustain consumer spending.

Fed Likely to Continue Rate Hikes

The Federal Reserve, which has aimed to fight inflation by slowing down the economy, may view this data as a sign that it needs to continue with significant rate hikes. However, this approach also risks pushing the US economy into a downturn and could leave millions without work.

Story at

Read More US Economic News

Leave A Reply

Your email address will not be published.