Advances in each of its three gauges helped the Consumer Comfort Index rebound from a midsummer tumble to virtually match its pandemic peak two months ago. National economy and personal finance ratings hit 16- and 17-month highs.
Separately, Americans remain optimistic about the road ahead, with the share who thinks the national economy is getting better holding at its best since July 2019.
The CCI, based on present-day views of the national economy, the buying climate and personal finances, is up 5.0 points in four weeks, nearly reversing its 5.4-point drop from mid-June to mid-July in its largest advance since April. At 56.5 on its 0-100 scale, the index nearly matches its pandemic peak of 56.9 in mid-June.
Its recovery is accelerated by improvements in each of its gauges:
- Americans’ ratings of their personal finances are up 6.9 points in five weeks, erasing its 6.0-point loss the three weeks prior and catapulting the subindex to 70.3, its best since February 2020. It’s now within sight of its record high in 35 years of ongoing weekly data, 71.2, hit in January 2020.
- National economy ratings are up 5.7 points in four weeks, including a sharp 2.9 points just this week, again reversing a similar-sized dip from mid-June to mid-July. At 52.2, the subindex is at a pandemic-era best, reaching its highest since March 2020.
- After holding steady for six straight weeks, ratings of the buying climate are up 1.9 points to 47.2, a seven-week high. While up, it’s still 3.5 points short of its pandemic-era peak in mid-June.
In expectations, 38 percent say the national economy is getting better, matching its highest in two years and up from just 19 percent in December. Fewer, 33 percent, think the economy is getting worse and 29 percent say it’s staying the same, each steady since July despite increased spread of the Delta variant.
Views about the direction of the economy are historically strong: This month’s 5-point better-worse margin compares with a -17-point margin in data since March 1986. The share who is optimistic about the economy places within the top 3 percent of 400 ratings.