Americans’ ratings of the national economy extended their late May advance this week to reach a new pandemic peak, with the overall Consumer Comfort Index holding near its pandemic high.
Steady at 55.4 on its 0-100 scale, the CCI is virtually tied with last week’s nearly 14-month high of 55.6. The index has posted impressive gains the past year, up 20.7 points since its pandemic low last May, including 11.0 points since early January – on track for its largest yearly gain on record.
Still, its recovery essentially has stalled since mid-April, with the index 7.6 points short of its pre-pandemic level and 11.9 points off its 20-year peak in January 2020.
Among its gauges, Americans’ ratings of the national economy are up 2.6 points in two weeks to a 14-month high of 50.3, extending its record year-to-date advance. The subindex has recouped roughly three-fifths of its total pandemic losses the past year, but remains 16.8 points off its pre-pandemic level.
By contrast, the personal finances subindex, steady at 67.5 this week, is essentially recovered from its pandemic plunge. It’s remained atop a steady plateau for the past four weeks, holding within a nonsignificant 1.3-point band and essentially even with its pandemic high in mid-May.
The third gauge, based on views of whether or not it’s a good time to buy things, stabilized at 48.5 this week, essentially even with its pandemic high after bouncing back from a late May dip. It’s recovered four-fifths of its cumulative pandemic losses, now just 4.8 points below its pre-pandemic level.