US consumer confidence reaches 16-year high in August

By Pouyan Broukhim

American consumers have given the economy its highest grade since July 2001 according to the Conference Board, a business research group.

The Conference Board’s index group, which takes into account consumer’s views and expectations of the economy both future and present, rose to 122.9 in August from 120 in July, a 16 year high.

See Also:

The rise can be largely attributed to the addition of 209,000 jobs in July, with unemployment simultaneously falling to a 16-year low of 4.3%.

"Consumers' more buoyant assessment of present-day conditions was the primary driver of the boost in confidence," said Lynn Franco, the Conference Board’s Director of Economic Indicators.

In its study, the Conference Board found that 34.5% of respondents described business conditions as good, with 35.4% describing jobs as plentiful, with both of these reflecting the highest levels since 2001, in line with recent statistics.

Consumer spending accounts for 70% of all economic activity in the US, and with confidence outdoing the forecasted 120.3 for August, the US economy is showing significant signs of continued growth and performance in these statistics.

Share

Featured Articles

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Global industry leaders, many from US, descended on London for a two-day conference dedicated to shaping the future of digital procurement and supply chain

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Leadership & Strategy