Consumer confidence in the United States continued to climb in October, reaching a new record since the start of the pandemic, according to the preliminary estimate from the University of Michigan 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.
Worries swept aside by positive economic outlook
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 economic environment fell by nearly 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 this bi-monthly survey, quoted in the press release.
"But he stressed that" these concerns are largely offset by the continued improvement in the economic outlook for the coming year. "
And, with less than three weeks of the presidential election, Americans are also waiting to see if the federal government will give them another financial boost.
An agreement between the Trump administration and elected Congressional Democrats remains very uncertain, as aid given in the spring to those on the lowest incomes, and until the end of July to those who have lost their jobs or their income, have expired or been reduced . They had, however, supported the start of an economic recovery, after the paralysis of activity by the Covid-19.