Shockingly consumer confidence in the US economy is on the up according to the Consumer Confidence Index. In fact, it is highest since it has been in nearly 10 years. Economists are also surprised by this figure.
Bloomberg economists put the index at 90.5 but it was actually substantially higher at 98.1. According to Conference Board Senior Director Lynn Franco:
“The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions. Looking ahead, consumers are less pessimistic about the short-term outlook, but do not foresee a significant pickup in economic activity. Faced with an uncertain and uneven path to recovery, and a potential COVID-19 resurgence, it’s too soon to say that consumers have turned the corner and are ready to begin spending at pre-pandemic levels.”
Another source of optimism is the White House’s call to bosses to make a “Pledge to America’s Workers,” in an effort to work toward the creation of more jobs and strengthening of the economy. To date – according to the White House – over 430 companies have signed it. A Press Release stated:
“The Coronavirus pandemic has highlighted the need to build and expand high-quality pathways that will lead to good jobs and rewarding careers for all Americans, especially those most affected by this crisis. The Trump Administration remains committed to supporting the millions of workers who need assistance right now while building a resilient, agile workforce for the future.”