Consumer confidence jumps in September

Consumer confidence rose by the most in more than 17 years, as expectations of the economy improved. Still, confidence remains below its pre-virus level and continued improvement may hinge on additional stimulus.

Confidence rebounds by most in 17 years

• The consumer confidence index bounced an impressive 15.5 points to 101.8 in September. This marked the largest gain in 17 years. August’s print of a six-year low was also revised higher, leaving confidence in a better position than its April low.
• Both perceptions of current conditions and expectations saw sizeable improvements. The 17.4 gain in expectations exhibited that consumers slightly are more optimistic of job prospects.

Improved perceptions of jobs and purchasing plans

• Labor market perceptions continued to improve with consumers views of jobs as hard to get falling to the lowest since February.
• Rebounding confidence continues to point to increased spending. Plans to buy a major appliance rose to a seven-month high of 49%, consistent with the rebound in goods spending. Still, with confidence recently mostly driven by higher-income households, confidence may still hinge on additional household stimulus.

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