Consumer Confidence Surges to 17-Year-High in Wake of Trump’s Tax Cuts
American consumers are the most confident they’ve been since 2000.
The Conference Board says its consumer confidence index rose to 130.8 in February, its highest since November 2000 and up from 124.3 in January.
The business research group’s index measures consumers’ assessment of current conditions and their outlook for the next six months. They feel better about today’s economy than they have since March 2001. Their outlook also improved.
Late last year, Republicans in Congress enacted a tax-cut bill spearheaded by President Donald Trump. The cuts, which received no Democrat votes and apply to 90 percent of American employees, are starting to show up in workers’ paychecks.
“As people slowly absorb the details of the tax reform package, opinion polls suggest that it is becoming significantly more popular,” Stephen Stanley, chief economist at Amherst Pierpont Securities, wrote in a research note.