President Donald Trump has made a record percentage of consumers believe that the government is great for business.
Torsten Sløk, chief international economist at Deutsche Bank, put out a chart showing the percentage of respondents in recent University of Michigan consumer confidence surveys that said Trump is having a positive impact on business.
The percentage of respondents saying news out of the government is favourable for business conditions has hit its highest level ever, going back to the start of the survey in the late 1970s. In fact, up until recently the number had never cracked double digits — now its near 30%.
There are some downsides to the surge in consumer confidence being so dependent on the president. Trump must start delivering on his economic promises quickly to sustain this level of confidence, and with the healthcare delay that is a precarious proposition. Additionally, the “hard data,” or measures of actual economic activity instead of surveys, has not caught up to the post-election enthusiasm.
Regardless, it appears that Americans are excited about the Trump presidency and its impact on business.
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