Tag: consumer confidence

Consumer confidence surges in March to highest point in year

WASHINGTON — U.S. consumer confidence surged in March to the highest reading in a year, helped by increased vaccinations and more government economic support.

The Conference Board said Tuesday its consumer confidence index rose to 109.7 in March, the best showing since it stood at 118.8 in March of last year as the pandemic was beginning to hit the United States. The index stood at 90.4 in February.

The present situations index, based on consumers’ assessment of current business and labor market conditions, rose to 110.0, up from 89.6 in February. The expectations’ index, based on consumers outlook for income, business and labor market conditions six months into the future, also improved, rising to 109.6 in March, up from a reading of 90.9 in February. Continue reading.

Economic Indicators Trump Cited To Show A Strong Economy Now In Decline

Trump repeatedly cited manufacturing activity, manufacturing confidence, consumer confidence, and the stock market to claim that the economy was the strongest in history. All of those indicators have suffered major recent declines.

THEN: Trump claimed the U.S. was in a “manufacturing renaissance.”

Trump: “We are in the midst of a manufacturing renaissance—something which nobody thought you’d hear—which means more jobs for our great electrical contractors.”

NOW: A key manufacturing index tumbled by the largest amount in a decade.

Bloomberg: “A gauge of U.S. manufacturing plunged last month by the most since October 2008, a fresh sign of deceleration in the economy amid global strains across the sector. U.S. stocks extended declines and Treasury yields fell after the report.  The Institute for Supply Management index dropped to a two-year low of 54.1, missing all estimates in Bloomberg’s survey, data showed Thursday.” Continue reading “Economic Indicators Trump Cited To Show A Strong Economy Now In Decline”