Consumer confidence hits 18-year high just in time for holiday shopping

Consumer confidence increased again last month, hitting an 18-year high, just in time for the bulk of holiday shopping.

The index reached 137.9, up from 135.3 last month, according to the Conference Board. With many consumers looking to do the bulk of holiday shopping in November, the high consumer confidence is likely to increase spending this season.

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Consumer confidence takes into account how Americans view current business and labor market conditions, income, jobs and more. Nearly 46 percent of those surveyed said jobs were plentiful, up from slightly more than 44 percent.

“Consumer Confidence increased in October, following a modest gain in September, and remains at levels last seen in the fall of 2000,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Consumers’ assessment of present-day conditions remains quite positive, primarily due to strong employment growth.”

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The assessment shows that shoppers are optimistic about the future, expecting economic growth to continue into 2019 despite the trade war threatening increased costs on everyday purchases.

Confidence directly impacts consumer spending, which makes up about 70 percent of the nation’s economic output.

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