A month before the U.S. election, amid a severe coronary epidemic, the U.S. economy rebounded sharply: the September consumer confidence index posted its largest monthly gain in 17 years. Some analysts believe this is good for Trump’s campaign, while others point out that it depends on the employment data to be released in two days.
The Conference Board, a research group of the world’s largest companies, released a report on Tuesday showing that U.S. consumer confidence rebounded more than expected in September, the biggest monthly gain in 17 years, driven by an improved job market.
According to the report, U.S. consumer confidence rose sharply to 101.8 in September from 86.3 in August, according to the Central News Agency, noting that months of declining confidence ended even though the new U.S. “federal revitalization package” has yet to be released.
Consumer confidence in the United States, the country with the world’s worst outbreak of Coronavirus Disease 2019 (COVID-19), has wavered in recent months.
U.S. voters are feeling more optimistic about the state of the economy as they weigh their options in the presidential election, which could boost President Trump’s poll approval ratings, according to an analysis cited by Reuters. Biden’s approval rating is currently higher than Trump’s for the U.S. Democratic candidate.
Steven Blitz, chief U.S. analyst at TS Lombard, an independent investment research firm, said, “This could be good news for Trump, because the better people feel about the economy, the more votes they will cast for the current president.”
Still, the U.S. labor market is in deep trouble. The United States has regained about half of the jobs it has lost since the onset of the coronavirus crisis, but unemployment is uneven, with low-income workers being hurt the most. Some 26 million U.S. residents are still dependent on some form of unemployment insurance.
The U.S. government will release its monthly jobs report on Friday, and voters will have a chance to gauge the state of the job market. The report will be the last comprehensive jobs report officially released before the Nov. 3 U.S. election.
Recent Comments