Americans Economic Mood Lifting

Washington, DC, September 3, 2024-”The American consumer is starting to shake out of a lingering bad mood,” reports the Wall Street Journal.

“When The Wall Street Journal asked 1,500 voters in late August for their feelings about the economy, 34% said it is improving, up from 26% in early July. The share who thought the economy was worsening fell to 48% from 54%.

“‘Sentiment is drifting up,’ said Joanne Hsu, who oversees the University of Michigan’s consumer sentiment gauge. That closely watched measure rose 2.3% since July, the university said Friday, driven by an uptick in people’s expectations of how the economy will fare in coming months.

“The Conference Board, a business research organization based in New York, similarly said on Tuesday that its consumer confidence index rose in August from July, matching its highest level since February. Gallup on Friday said that its index of economic confidence rose in August, too, hitting its best level since March. 

“Consumers are still much less buoyant on the economy than they were before the pandemic. But a variety of factors seems to be driving an improvement in American moods, including lower gasoline prices, a decline in mortgage rates ahead of an expected Federal Reserve interest-rate cut in September, and a buoyant stock market.”