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American consumers feel a little more confident this month, This is evident from a national survey that shows that consumers are more optimistic about the economy.
Triangle shoppers like Ellen Lawrence agreed that things seem to be moving in the right direction.
“I think it’s quite interesting. Like for us, it’s positive,” Lawrence said. “The stock market has gone up quite a bit. So prices are higher. But we’ve seen that we’ve seen the upside of the stock market.”
The Conference Board said its consumer confidence index rose to 108.7 in October from 99.2 in September, marking the biggest monthly gain since March 2021.
The consumer confidence index measures both America’s assessment of current economic conditions and their outlook for the next six months.
“It’s surprising to me how well the economy has held up, given the rise in interest rates … concerns about inflation,” said UNC economist Gerald Cohen.
Cohen cited a resilient labor market, declining inflation and lower gasoline prices as factors in why consumers are feeling better about the upcoming holidays.
“The rising stock market is putting money in people’s pockets,” Cohen said. “People look at their statements and feel positive. So these kinds of things lead to… drivers of trust.”
While Cohen said the economy looks “pretty healthy” overall, it is unclear whether the election outcome will be seen as negative or positive by households, from both a confidence and economic perspective.
However, for small business owner Amber Brennan, things appear to be heading in the right direction as Election Day approaches.
“As an entrepreneur and small business owner, there are tough months and good months in this economy,” said Brennan, owner of Rose. & Lee Co in Apex and central Durham.
“I think all retailers are super excited about this. It’s been a tough few years with COVID and the ups and downs in the economy. So anytime consumer confidence is good… we’ll look forward, I think, to to get in.” the black.”
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