15-Year High Consumer Confidence
Wednesday, December 28, 2016 5:02 PM EST
Optimism about the economy increased in December according to the latest reading of the consumer confidence index. This is yet another sign that much of the positive impetus acquired by the economy after the presidential election remains. Clearly, President-elect Trump’s promises of fiscal stimulus, tax cuts and deregulation are hitting the right note with a large section of the populace.
Meanwhile, other readings also indicate a general improvement in sentiment even as broader economic indicators continue to improve. This makes it a good time to add consumer focused stocks to your portfolios.
Highest Reading Since 2001
According to The Conference Board, the Consumer Confidence Index increased from 109.4 in November to 113.7 this month, hitting the highest level since 2001. The reading also came in above the consensus estimate of 108.6. The gauge of consumer expectations for the six months to follow rose from 94.4 to 105.5. This is the highest reading recorded in 13 years.