Economy
September 28, 2017
Consumer Confidence Still Encouraging
Written by Peter Wright
Consumer confidence dipped slightly in September, but continues to be encouraging for the U.S. economy, according to The Conference Board Consumer Confidence Index.
The composite value of consumer confidence in September was 119.8, down from 120.4 in August. The first estimate for August was revised down from 122.9. The last seven months have each been better than at any time since 2001. The three-month moving average (3MMA) increased from 119.2 in August to 120.1 in September, which was 19.4 points higher than in September last year. Consumers’ view of the present situation declined slightly in September. Consumer confidence is the driver of consumer spending, which is the largest component of GDP and which ultimately drives a large portion of steel consumption.
