For the first time in three months, consumer confidence in the economy rose, according to the Conference Board’s monthly report. Two paradoxical groups emerged with the highest levels of confidence: One that’s prone to being insulated from economic anxieties. And a second that is often the poster child for them.
Both wealthy individuals making more than $100,000 a year, and young people, defined as those under the age of 35, had the highest degrees of consumer confidence, according to the six-month average. The increase in confidence for wealthier households can be explained by a booming stock market, Conference Board senior economist Stephanie Guichard told Fortune. While for young people the high levels of consumer confidence are common in the Conference Board’s survey have taken on renewed importance given that in recent months consumers across the country have had a largely negative view of the economy lately.
