The US consumer confidence grew to an 18-year high in September with households progressing more than the labor market that implies steady growth in the economy in spite of trade war between the United States and China. Other data shows a moderate growth in house costs in July and profits may be enough to boost household and further encourage consumer spending. At the same time, this makes home pricing more budget friendly for first-time buyers. According to the Conference Board, the consumer confidence grew to a reading of 138.4 in September from an upward revision of 134.7 in August, which was the best reading since September 2000. The index is near the all-time high of 144.7 the same year. Economists forecast shows a decline to a reading of 132.0 this month compared to the August data of 133.4. Despite the positive condition of the labor market in the background of a trade war, economists foretell the possibility of job losses and higher prices for consumers eventually. On Monday, the US imposed tariffs costing $200 billion of Chinese goods while Beijing counterattacks with $60 billion worth of U.S. products, as they have already implemented $50 billion worth of goods for each other. As of the present, consumers seem to be putting off the trade tensions with households looking for a positive outlook in the next six months. On the other hand, some economists see labor market tightening would drive wage growth and more savings can act as a safety net for households against higher costs of consumer goods from China.
PAUTAN SEGERA
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