New York’s Conference Board says US consumer confidence races to 14-month peak

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New York’s Conference Board says US consumer confidence races to 14-month peak

On Tuesday, New York-based business membership and research group, The Conference Board, had issued a statement saying that its index for US Consumer Confidence mushroomed to a 14-month peak in April as an acceleration in vaccination drive against the pandemic outbreak coupled with massive Government stimulus enabled many businesses to reopen, ramping up rehiring while leading to a bullish pennant in US labour market.

Aside from that, followed by reveal of The Conference Board survey that underscored a strong recoup in US labour market, several analysts were quoted saying that the latest upbeat survey report from the New York-based business research group which had also reported an upsurge in domestic vacation plans, had highlighted a persistent growth in a US economy, whose gross output is expected to accelerate by the steepest pace since 1984 this year.

US Consumer Confidence soars to 14-month peak in latest sign of recovery

Concomitantly, according to The US Conference Board’s survey report released earlier in the day, the business group’s index for US Consumer Confidence soared to a reading of 121.7 in April, the index’s highest level since February 2020, following a figure of 109.0 registered in March, while US Consumer Confidence had also recorded a fourth straight month of gain in April which seemingly had illustrated the fiscal impacts of a $1.9 trillion in stimulus bill signed off into a law by the US President Joe Biden on early-March.

Apart from that, a $892 billion stimulus package passed in the US Senate back in December last year appeared to have laid off the foundation of a blistering growth in US Consumer Confidence apart from an acceleration in vaccination push, suggested analysts.

Meanwhile, addressing to a beacon of hope for a US economy which had been languished lavishly during the first wave of pandemic outbreak last year, a senior economist at Nationwide in Columbus, Ohio, Ben Ayers, said, “Consumers are seeing the light at the end of the COVID tunnel.

Led by strong spending as households return to eating out, traveling and visiting stores, the economy should surge ahead starting the second quarter and likely carrying into 2022”.