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U.S. consumer confidence hits record high in nearly 18 years

Staff Writer |
U.S. consumer confidence reached the highest level in nearly 18 years in August as expectations on jobs and growth rebounded, the New York-based Conference Board reported.

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U.S. consumer confidence index rose to 133.4 in August, up 5.5 points from the previous month, marking the highest since October 2000, the Conference Board, an independent business-membership and research association, said in a survey.

The new height, well above analyst expectations, suggests that consumer spending will be strong and healthy in the near future, as the index shows consumers' confidence in job opportunities and the overall economy, which registered a 4.1-percent GDP growth rate in the April-June quarter.

"Consumers' assessment of current business and labor market conditions improved further," said Lynn Franco, the board's director of economic indicators.

"Expectations, which declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018," Franco said.

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