Consumer Confidence Rose In August To Its Highest Level Since October 2000.
The Conference Board’s consumer confidence index rose to 133.4 in August, defying expectations that it would drop from July’s strong reader of 127.4.
The big improvement came from increased confidence about the future, according to the Conference Board.
“Consumers’ assessment of current business and labor market conditions improved further. Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018,” said Lynn Franco, Director of Economic Indicators at The Conference Board. – READ MORE
[divider][/divider]White House top economic advisor Larry Kudlow says the reason financial markets have not been phased by the recent negative headlines involving former associates of President Donald Trump is due to the robust economy.
The bull market on Wall Street reached a record on Wednesday becoming the longest running in U.S. history, during the same week the S&P 500 hit an all-time high, CNBCreported.
These numbers came despite a federal jury in Northern Virginia reaching a guilty verdict in eight of the 18 counts of bank and tax fraud charges brought against former Trump campaign chairman Paul Manafort.
That same day, Trump’s former personal attorney Michael Cohen pleaded guilty to eight federal criminal counts, including tax evasion, bank fraud, and breaking campaign finance laws regarding payments to two women on behalf of Trump.
Kudlow told CNBC the strong economy is overcoming any negative impact these issues may have otherwise had on the markets.
“The economy’s everything when it comes to markets and confidence, and I think that markets frankly look through all these various political issues,” he said. “There’s no change in policy coming, that’s what really matters. Keep your eye on the ball, and I think the markets have done a good job.” – READ MORE
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