Consumer Confidence Continues To Rise
Consumers in Jersey and across the country are starting to feel better about the economy. The Conference Board’s consumer confidence index has risen to 73.7 this month, up from 55 at this same time last year.
Conference Board economist Ken Goldstein said, “On a relative scale it’s good news that we’re much better than we were a year ago, even better than 2 or 3 months ago. Over the last two months we’ve seen consumers a little bit less pessimistic, and of course happening at the best of all possible times. Just as we head into the holiday season, consumers are two thirds of the overall economy, so if consumers are in a little bit better mood that’s got to be good.”
While things are trending in the right direction, we’ve still got a ways to go. A consumer confidence index reading of 90 is considered necessary to reflect a healthy economy.