American consumer confidence has hit an 18-year high, with people’s perception of their personal finances and their spending both at nearly record levels.
Americans’ expectations about the economy also rose, according to the Bloomberg Consumer Comfort Index, which rose by nine-tenths of a point, to 64.7, for the week ended July 14.
Such optimism was shared across a wide range of groups, with sentiment hitting its highest levels since 2000 and 2001 among women, black Americans and people in the 18–34 and 45–54 age groups, as well as among singles, the divorced or widowed, the unemployed, and people who identify politically as Democrats or independents, according to Bloomberg.
The report comes at a time when unemployment is at a 50-year low, the S&P 500 index is at an all-time high, and retail sales and factory output are strong.
By Edmund Mander