Consumer confidence in the present state of the US economy rocketed to a 17-year high in April, according to preliminary results of the University of Michigan’s April survey.
The overall consumer sentiment index jumped to 98 from 96.9 in March as the current economic conditions index rose to 115.2, the highest level since 2000.
Consumer confidence received a jolt after the November election, although the details of the UMich survey consistently showed a wide partisan divide.
That gap is slowly narrowing.
The expectations index for Democrats rose by 7% and fell by 7% for Republicans, “although the gap still remained an astonishing 50.5 Index points.”
“Much more progress on shrinking the partisan gap is needed to bring economic expectations in line with reality,” said Richard Curtin, the survey’s chief economist, in the release. “A slow pace of convergence will make it more difficult to disentangle political fervor from what appears to be a growing sense among consumers that the economy will experience fundamental changes in the years ahead.”
The consumer confidence index from the Conference Board jumped to a 16-year high in March.