Consumer confidence explodes to a 13-year high

pulse

October 13, 2017 3:26 PM

US consumers haven't been this optimistic about the economy since the start of 2004, according to a University of Michigan survey.

US consumers haven't been this optimistic about the economy since the start of 2004, according to a survey conducted by the University of Michigan.

The consumer-sentiment index registered a preliminary October reading of 101.1, a monthly report showed Friday.

The data suggest that consumer spending will likely continue to support the economy through at least mid-2018, at which time this economic expansion would become the second-longest since the 19th century. US economic growth in the second quarter rose to a two-year high on stronger consumer and business spending, a late-September report showed.

The surge in optimism "

But consumers continue to expect slow wage growth, and limits on how quickly their living standards will improve, according to the survey.

Consumer sentiment spiked after President Donald Trump's election largely along partisan lines: Republicans turned much more optimistic while Democrats turned more bearish on the economy's direction.

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