U.S. citizens are growing in confidence regarding the American economy, according to a July 29, 2014 article published by the Seattle Times.
Data from The Conference Board shows growing improvement in consumer confidence for the past few months. The Consumer Confidence Index has reached 90.9 in July, an improvement of 4.5 points from the revised 86.4 index reading in June. The July 90.9 rating is the highest since October, 2007 and marks the third straight monthly increase for the index.
Improvements in the job market have pushed the index higher. Fewer unemployed individuals and more comfortable living conditions are important components of the index. With a smaller number of families struggling and an easier time meeting budgetary demands, consumers are feeling better about the economy as a whole.
The Consumer Confidence Index, as measured by the Conference Board, has been on the rise for many years. It bottomed out in February, 2009 at 25.3 and has risen steadily since. Many might recall that February, 2009 was one of the lowest points of the Great Recession, with high unemployment, a very low stock market average, and a feeling of despair across the nation.
The Conference Board is a private organization that bases its Consumer Confidence Index on a probability- driven random sampling of households. Nielsen conducts the survey and then sends the data to The Conference Board to analyze.
American consumers are spending more than before and with unemployment heading lower, there is a good chance the index will continue to improve in the coming months. This is positive news for parents everywhere who have struggled to pay bills, save money, and otherwise enjoy a good and fruitful life.
The U.S. government will release quarterly economic data for the April- June, 2014 period within the next few days. Expect to hear a mostly positive report on the U.S. economy overall with an optimistic tone and solid economic growth.