Consumer Confidence Hits 18-Year High

Consumer confidence in the U.S. economy is at a nearly 18-year high as a result of trillion-dollar tax cuts and a strong labor market.

According to Women’s Wear Daily, the consumer confidence index, overseen by The Conference Board (New York), reached its highest level in August since 2000 with a rate of 133.4. This confidence comes in spite of the prospect of a trade war with China and concerns that inflation is starting to eat into incomes.

Instead, American households believe jobs are “plentiful” and expect their short-term income prospects to increase. The Board believes these expectations should support healthy consumer spending in the near-term.