US CONSUMER CONFIDENCE HITS AN 18-YEAR HIGH

Oct 2nd, 2018

Continuing our conversation on the American Boating Market, being as it is so close-knit with our own market in Canada, we were interested to learn that as reported by the New York-based Conference Board, US consumer confidence is up and has hit its highest point of the last 18 years. This is unexpected and interesting to look into. With Trump changing policies, nothing is certain, and we want to keep Canadians in the loop with the latest news pertaining to the Boating Market.

As of September, Consumer Confidence has improved for a third month, reaching one of the highest points in about fifty years.

The CNBC reports: “The Conference Board’s index rose to 138.4 this month from 134.7 in August. Economists polled by Reuters expected consumer confidence to dip to 132. “Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth,” said Lynn Franco, director of economic indicators at the Conference Board. “These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season.” Franco added, “September’s index print is near the all-time high of 144.7 reached in 2000.”

It is credited to a strong job market and tax cuts. Despite the escalating trade war with China, these two factors are seemingly keeping consumers optimistic. However, it is yet to be seen how Trumps new tariffs on $200 billion dollars worth of goods from Asia could affect this recent high.

We will be following up with this topic in upcoming issues of Boating Industry Canada.

To take a closer look at our sources please review the CNBC report.