Consumer confidence increased for a third straight week as Americans grew more upbeat about the economy than at any time since the start of the year, figures from the weekly Bloomberg Consumer Comfort Index showed on Thursday.
Key Points
The comfort gauge rose to 45.1 in week ended Nov. 6 from 44.6 Index has climbed 3.8 points in last three weeks, strongest advance over a similar period since October 2015. The measure of views on the economy climbed to 37.7, highest since Jan. 17, from 36.9. Personal finances measure rose to 58.5 from 57.5.
Big Picture
Sanguine views about the economy and personal finances show Americans were looking beyond Tuesday’s presidential election, laying the ground for a pickup in household purchases. A tightening labor market is beginning to fuel the wage gains needed to sustain increases in the spending that fuels economic growth.
The Details
Comfort among those earning less than $50,000 a year rises to the highest level since April 2015. Sentiment among Americans 65 years and older increased to a nine-year high. Confidence climbed in the West, fell in the Northeast and was little changed in the Midwest and South. Finally, sentiment among the unemployed is second-strongest since August 2007
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