US Consumer Confidence rose to 137.9 in October, up from revised 135.3, beat expectation of 135.0. That’s also the higest level in 18 years since September 2000. Present Situation Index improved from 169.4 to 172.8. Expectations Index rose from 112.5 to 114.6.
Conference Board noted in the release that “Consumers’ assessment of present-day conditions remains quite positive, primarily due to strong employment growth. The Expectations Index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon. Rather, they expect the strong pace of growth to carry over into early 2019.”
US stocks appear to be lifted by the stronger than expected release. DOW initially hesitated today but it’s now up 1%.
