Economy
October 31, 2017
Consumer Confidence at Highest Level in 17 Years
Written by Peter Wright
Consumers’ view of the current economy surged in October, reports The Conference Board. Its composite value of consumer confidence in October was 125.9, up from 120.6 in September. The last eight months have each been better than at any time since 2001. The three-month moving average (3MMA) increased from 120.3 in September to 122.3 in October, which was 20.3 points higher than in October last year. Consumer confidence is the driver of consumer spending, which is the largest component of GDP and ultimately drives a large portion of steel consumption.
The source of this data is The Conference Board with analysis by Steel Market Update. Please see the end of this piece for the official news release from The Conference Board and an explanation of the indicator.
