Consumer confidence in the United States continued to climb in October, reaching a new high since the start of the pandemic, according to the University of Michigan preliminary estimate released on Friday.
The overall index stood at 81.2 points, down from 80.4 in September, with consumers feeling confident in the improving economic outlook for the coming year. However, this is a little lower than the 82% expected by analysts.
In detail, the index measuring confidence in the future takes more than 3 points compared to September, to settle at 78.8 points. On the other hand, the one measuring the current environment fell by almost 3 points, and stood at 84.9 points.
“Slowing job growth, the resurgence of Covid-19 cases, and the absence of a new stimulus package from the federal government, are pushing consumers to be more worried about the current economic environment,” said commented Richard Curtin, the chief economist responsible for the bi-monthly survey, quoted in the press release.