Increased optimism about personal finances and the buying climate propelled U.S. consumer sentiment last week to a fresh 17-year high, the Bloomberg Consumer Comfort Index showed Thursday.
Highlights of Consumer Comfort (Week Ended April 8)
Weekly comfort index rose to 58, the highest since Feb. 2001, from 57.2. Personal finances measure advanced to 66, the highest since Aug. 2001, from 64.7. Comfort index of buying climate rose to 50.4, the strongest since Oct. 2000, from 49.1. Gauge tracking views of the economy was little changed at 57.7 from 57.8.
Key Takeaways
Sustained strength in the job market and more take-home pay following federal tax cuts continue to lift Americans' spirits despite stock-market swings and the threat of a trade war. The optimism could provide an added boost to household spending and the economy. Following the latest increase, the personal finances index is now just 4 points short of an all-time high reached in 1998, while the buying-climate measure is 6.6 points from its 2000 record. The figures are in sync with the government's latest jobs report, which showed steady improvement in the labor market.
Other Details
Index of sentiment climbed in three of four regions, led by Midwest; fell in South. Comfort among Democrats picked up, while confidence among Republicans is the second-highest since 2000. Women more upbeat than at any time since 2001, while comfort among respondents who earn less than $50,000 was the highest in records back to Dec. 2010.
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