Bloomberg’s U.S. Consumer Comfort Index has reached its highest point in a decade following positive assessments about the economy and the buying climate, according to Bloomberg Markets.
The consumer comfort index rose to 50.6 as of March 5, the highest it has been since March 2007, from 49.8. The index has surpassed 50 only six times since April 2002.
A measure of the economy rose to 48.2, the highest since August 2001, from 46.8, while a measure of buying climate rose to 44.5, the highest since April 2002, from 43.7.
The stock market has jumped to record highs and the job market has been particularly strong since President Trump’s inauguration, causing the consumer comfort index to rise.
Respondents to the index view the buying climate as the most favorable it has been in 15 years, a sign that there might be an uptick in household spending after a slow start in 2017.
Sentiment has been strong among Republicans as well as political independents, who were the most confident about the economy and the buying climate since July 2001.
Republicans’ sentiment has surpassed that of the Democrats by the most since September 2013. Confidence among people in the South and Midwest, part-time employees, and married Americans rose.
For part-time employees, they were the most confident since October 2015, while married Americans saw the highest levels of comfort in a decade.
Confidence did, however, fall for people living in the West and Northeast.