Consumer confidence at pre-Obama highs

December 31, 2014

As we stand at the threshold of a new year, American consumers are feeling pretty good about themselves. Powered by optimistic outlooks for both jobs and business conditions, as well as plummeting gas prices, consumer confidence bubbled to highs not seen since February of 2008.

As this Reuters graphic shows, the index from non-profit research group The Conference Board came in at 92.6 in December (against a 1985 baseline of 100), reflecting a steady improvement since the pit of the Great Recession. Confidence that the availability of jobs is “plentiful” hit 17.1 percent, reflecting a steady decrease in the belief that jobs are “hard to find.” Similarly, the increase in the view that current business conditions are “good” tracks to a consistent decline, to 19.6 percent, in the opinion that conditions are “bad.”

The Conference Board wasn’t alone. A Thomson Reuters/University of Michigan reading for December showed confidence at its highest levels since January of 2007, and Gallup’s U.S. Economic Confidence Index for the week ending Dec. 28 showed sentiment edging into positive territory for the first time since December of 2007.

We tend to be an optimistic bunch, and caveats have already been issued against forgetting the mistakes that prompted the economic downturn, but for the most part this is a very encouraging mentality with which to start the new year.

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One comment

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Pre-Obama highs? More like Bush Great Recession lows. The author of this article obviously is interested in spinning a tale where Obama gets blamed for the Bush/Cheney disaster.

Posted by mtracy9 | Report as abusive