U.S. consumer confidence rose again this month, hitting a new 18-year high.
The Conference Board says its consumer confidence index climbed to 137.9 in October from 135.3 in September. Both readings are the highest since September 2000.
The index measures consumers’ assessment of current economic conditions and their outlook for the next six months. Both improved in October.
Consumers’ spirits have been lifted by a strong labor market. Unemployment has dropped to 3.7 percent, lowest since 1969. The government reported Friday that consumer spending from July through September was the strongest in nearly four years.
“Consumers do not foresee the economy losing steam anytime soon,” says Conference Board economist Lynn Franco. “Rather, they expect the strong pace of growth to carry over into early 2019.”