The consumer confidence index hit an 18-year high in August as Americans grow increasingly confidence about the state of the job market and overall economy, according to The Confidence Board (TCB).
The consumer confidence index grew to 133.4 in August, a 5.5-point increase over July’s rating, according to TCB’s Tuesday report.
“Consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July,” TCB director of economic indicators Lynn Franco said in a statement. “Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018.”
“Overall, these historically high confidence levels should continue to support healthy consumer spending in the near-term,” Franco added.
The index bases the level of consumer confidence off of the year 1985, considering it a 100.
Consumer confidence in August rivals a three-year boom at the end of the ’90s when Americans’ optimism was fueled by the growth of the internet. The U.S. economy grew by a strong 4.1 percent last quarter, according to MarketWatch.
An increasing number of Americans are planning on making big-ticket purchases in the coming year, such cars, homes and appliances, according to the TCB report.
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