US consumer confidence dropped slightly in September 2017, partly being hit by hurricanes Irma and Harvey. However, the most Americans remain optimistic about the economy. The consumer confidence index dropped to 119.8 points from the revised 120.4 points in August, shows the assessment the private Conference Board.
Trust has declined “significantly” in Texas and Florida, two of the country’s most densely populated states, after the two hurricanes have caused ubiquitous damage.
Despite the slight decline in confidence, consumer assessment of the current conditions remains quite favorable, and their expectations in the short term suggest that the economy will continue to expand at its current pace, indicates the organization.
Trust rose sharply after Donald Trump was elected president last November, reaching a 17-year high of 124.9 points in March. The US consumer confidence remains strong as the economy expands steadily, job creation is at a record level, and unemployment is close to a 16-year minimum.
The Conference Board study is carefully monitored as it is an indicator of consumer attitudes, including business conditions, short-term economic prospects, personal finance, and the labor market.