Americans’ confidence was little changed last week from elevated levels, underpinned by optimism about the buying climate and the economy, Bloomberg Consumer Comfort Index figures showed Nov. 9.
Highlights of Bloomberg Consumer Comfort for the Week Ended Nov. 5
• Weekly consumer comfort measure at 51.5 after prior week’s 51.7.
• Gauge of current views of the economy was 51.9 versus 51.8.
• Index of personal finances fell to 59.3 from a five-month high of 60.6.
• Index of buying climate increased to 43.3 from 42.6.
The comfort index has advanced about six points since the start of the year and is also running above its 2017 average. Steady hiring, stock-market gains, home-price appreciation and contained inflation are helping to keep the measure in a range close to its 16-year high of 53.3, reached in August.
The results are encouraging for consumer spending, which accounts for about 70% of the economy and has played a leading role in boosting growth this year.
• Sentiment among people with a high school education climbed to 50.2, the highest since February 2007.
• Comfort index among those earning more than $50,000 a year held at 69.3, strongest since May.
• Confidence also rose among renters, part-time workers and those in the West.