June 15, 2024 4:12 pm
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National News

US Consumer Confidence on the Rise

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The US Consumer Confidence Index (CCI) is up from last month after a three month long period of decline, as reported by The Conference Board, a business research group. The CCI is an economic indicator that measures the level of optimism or pessimism of US consumers. It’s based on survey responses about consumers’ expectations for their financial situation, the economy, unemployment, and savings. In May, the CCI hit 102, up from April’s 97.5. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months, meaning that this month, Americans are turning a new leaf and feeling more optimistic about tomorrow’s economy. 

American families may finally be feeling the effects of various Biden Administration efforts to lower inflation and bolster the economy. The Inflation Reduction Act, for example, was signed into law by President Biden on August 16, 2022, and is a historic legislative achievement that lowers everyday costs for families and reduces the deficit, among other things. The Associated Press reported that “most economic indicators show the U.S. economy in good shape by historical standards, though there have been some signs that it is cooling off.” More information about the CCI and our nation’s economic standing can be found here