The White House recently highlighted the positive findings of a new consumer confidence survey, indicating significant improvements in various economic indicators. According to the statement released by the White House, the survey conducted by the Conference Board revealed encouraging trends such as good real income growth, robust employment figures, and a decrease in inflation levels back to pre-pandemic levels.
The report emphasized that consumer confidence witnessed a notable increase, marking the most significant surge since March 2021. Additionally, optimism regarding consumers' Expected Financial Situation reached a record high, reflecting the positive impact of real income growth, strong employment rates, and the stabilization of inflation rates.
National Economic Adviser Lael Brainard, in the statement, also criticized some Congressional Republicans for their proposed agenda, which she believes could potentially reignite inflation and disrupt supply chains. Brainard expressed concerns about the potential negative impact of high tariff-based taxes on working families and the middle class.
As per the survey findings, Americans displayed a more optimistic outlook on both the labor market and the overall US economy in the current month. The Consumer Confidence Index for October experienced a significant surge, the most rapid increase since March 2021.
Dana Peterson, the chief economist at the Conference Board, noted that the rise in confidence during October was widespread across various age and income groups. The survey also revealed a decline in the percentage of consumers anticipating a recession within the next 12 months, reaching its lowest level since the question was first introduced in July 2022. Moreover, fewer consumers believed that the economy was already in a recession.
