U.S. Outlook: Consumers remain a confident bunch
It’s been a long time coming, but more consumers are finally riding the wave of plentiful job opportunities, rising incomes, and improving net worth. Nowhere is this better reflected than in the current readings of the Conference Board’s Consumer Confidence Index. Consumer confidence has only been at these nose‐bleed levels a handful of times over the last 40 years, notably in the late 1980’s and the late 1990’s.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on June 30.Key observations:
- More consumers expect their income to increase rather than decrease over the next six months.
- Ahead of next week’s U.S. payroll report for June, we are forecasting an acceleration in non‐farm job growth to around 168K from a May increase of 138K jobs.
- First quarter real consumer spending growth was revised higher this week to 1.1% from an initial estimate of 0.3% growth.