Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement.
“The economic weight of Hurricanes Harvey and Irma pulled down the spirits of U.S. consumers in September, when the index was relatively flat. In October, “consumers’ assessment of current conditions improved. This was boosted by the job market which had not received such favorable ratings since the summer of 2001. The high level of confidence suggests the economy will continue to expand “at a solid pace” for the rest of 2017.”
The survey also showed that assessment of present day business conditions are upbeat. “The percentage saying business conditions are “good” increased from 33.4 percent to 34.5 percent, while those saying business conditions are “bad” rose marginally from 13.2 percent to 13.5 percent. Consumers’ assessment of the job market was more upbeat. The percentage of consumers stating jobs are “plentiful” increased from 32.7 percent to 36.3 percent, while those claiming jobs are “hard to get” decreased slightly from 18.0 percent to 17.5 percent.”
Other significant tidbits from the report are that 22.2% percent of consumers said they expect better business conditions in next six months, up from 20.9 percent in September. Buying plans of automobiles in the next six month are up with purchases of houses and appliances are down.
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