Consumers Haven't Felt This Good About Government Economic Policies Since 2009
by Julie Verhage and Luke Kawa
December 9, 2016 — 11:42 AM EST
The U.S. presidential election was only a month ago, but President-elect Donald Trump is already having a massive impact on consumers’ confidence and outlook for the future.
In the preliminary reading of the University of Michigan’s December index of sentiment, consumer confidence jumped by more than expected amid a rosier outlook for their own personal finances and their best opinion on the government’s economic policies in seven years, with unprompted mentions of an improving policy backdrop reaching an all-time high.
“When asked what news they had heard of recent economic developments, more consumers spontaneously mentioned the expected positive impact of new economic policies than ever before recorded in the long history of the surveys,” the statement from Richard Curtin, director of the survey, reads.
“Bottom line, this is all about Trump enthusiasm,” Peter Boockvar, chief market analyst at the Lindsey Group LLC, wrote in a note following the report. “With the rise in optimism, we’ll soon see to what extent this translates into a change in economic behavior.”
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