Consumer sentiment reached a new pandemic high this week as Americans shook off inflation pressure, pushing ratings of the national economy and the buying climate to their best in nearly 15 months. Expectations are up as well: Nearly four in 10 say the economy is getting better, the most since December 2019.
At 56.2 on its 0-100 scale, the weekly Consumer Comfort Index has fully rebounded from a late May dip, possibly linked to spiking gasoline prices. It’s up 2.4 points in three weeks to its best since late March 2020.
The index has been lifted by gains in Americans’ ratings of the national economy, up 3.4 points in three weeks, and – despite inflation pressures – in views of whether or not it’s a good time to buy things, up 3.6 points, both to their best since March 2020.
The CCI’s third gauge, based on ratings of personal finances, is steady, near its pandemic best about a month ago.
The survey’s separate, forward-looking measure finds growing optimism. Thirty-seven percent say the economy is getting better, up 18 percentage points since December to its best since late 2019. About a third, 32 percent, think the economy is getting worse, steady since February but down from 45 percent at the start of the year.
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